Slough, Epping Forest, and Hastings have seen unprecedented increases in housebuilding completions over the year to March 2024, leading the UK in construction growth.
- According to Paragon Bank, Slough recorded a 1,500% increase in new home completions, making it the highest growth area.
- Epping Forest follows with a 629% surge, adding substantial numbers to its housing market.
- In Hastings, the completion rate rose by 300%, showing significant developmental activity.
- Despite these gains, many local authorities have experienced declines, indicating shifting housing trends across the UK.
In the past year, Slough, Epping Forest, and Hastings have emerged as leading local authorities in housebuilding completions in the UK. According to data from Paragon Bank’s Development Finance division, these regions experienced the most significant growth compared to other areas, with a striking 1,500% increase in Slough, translating to 160 new homes. Such a substantial rise suggests a rapidly growing demand and development landscape in this locality.
Epping Forest stands out with a remarkable 629% increase, adding 510 new homes to its residential landscape. This growth reflects a strategic push to expand housing options in response to increasing demands. Alongside Slough and Epping Forest, Hastings demonstrated a robust development climate with a 300% increase, culminating in the completion of 80 homes. This level of growth is indicative of urban renewal efforts and community expansion.
While these regions exhibit growth, they are exceptions in a landscape where many local authorities, 241 to be exact, noted a reduction in housebuilding. The data depicts a varied housing development map, with Luton and Norwich also accomplishing significant upticks of 262% and 260% respectively, yet still lagging behind the top three.
Conversely, areas such as London and Scotland showed notable declines in new home completions, with London experiencing a decrease of 30.2% and Scotland close behind at 30%. Declines in Wales, Northern Ireland, and the South East further illustrate the complex interplay of factors influencing housing trends across the UK. These trends suggest a rebalancing of housing supply away from traditionally high-demand urban centres towards other emerging areas.
Neal Moy, managing director of Paragon Bank Development Finance, noted the attraction of areas surrounding London, indicating their rising popularity. However, he also highlighted the Northern and Midlands areas as leaders where new homes were built. This shift reveals a growing interest in the North and Midlands, emphasised by the preference for residential and student accommodation developments. Moy’s insights underscore the strategic realignment within the UK housing market, catering to diverse residential needs across various regions.
The new trends in housebuilding completion highlight shifting housing priorities and regional developments within the UK.
