Estate agency slams Government over ‘too few’ newbuilds in London

London tops the league table of the worst performing regions for new home completions, according to hybrid estate agency eXp UK.

Figures for the last 10 years show that the capital is the poorest performing part of England for average homes built in a year.

eXp analysed data on the number of dwellings completed across each region of the country.

The data shows that last year (2022-23), 174,600 new homes were delivered, with the South East seeing the largest number of new homes at 30,960.

Over the last 10 years, the average level of new homes reaching the market across England has increased by 4.1% each year.

Negative

London is the only region to have seen negative movement in this respect, with new dwelling completions falling by -0.3% each year on average over the last decade.

By contrast, the North West has seen an average increase of 10% per year, followed by the West Midlands (8%) and the South East (4%).

On an annual basis, 2% more homes were delivered across the nation with London topping the table in this respect with an 18% uplift in new homes completed.

Newbuilds

The East of England also saw a considerable increase of 17%, followed by the East Midlands (7%), South West (5%) and Yorkshire and the Humber (5%).

The number of new dwellings completed fell by 17% across the North West versus the previous year, with the West Midlands (-6%) and South East (-2%) also down year on year.

It actually ranks as the worst region when it comes to the delivery of new homes on a long-term basis.”

Adam Day, head of eXp UK, says: “Housing delivery is, and always has been, a controversial topic, and we’re yet to see the Government make any meaningful impact when it comes to addressing the current housing crisis.

“While the London market may have enjoyed a very strong year, it actually ranks as the worst region when it comes to the delivery of new homes on a long-term basis.”

Read more about newbuilds.