REPORT: House building ‘ahead of population growth’ over past decade
Property industry welcomes Nationwide report revealing 9% growth in England's housing over past decade, scotching claims nation doesn't have enough homes.
England’s housing stock has grown by 9% over the past decade to reach 25.4 million dwellings, according to the Nationwide’s latest figures within its ‘The changing face of housing stock‘ report.
The lender’s analysis reveals that dwelling stock increased from 23.2 million in 2013 and 2023, or almost 2.2 million additional homes.
Andrew Harvey, Nationwide’s Senior Economist (pictured), says this growth has been “slightly above the rate of population growth in England over the same period.”
Of the total stock, 16.3 million dwellings are owner-occupied, while 4.9 million are privately rented and 4.2 million fall within the social rented sector.
The growth means more properties entering both sales and lettings markets and more choice for both buyers and renters, with the private rented sector alone now providing homes for nearly five million households.
It’s really positive to see that the number of homes being built continues to grow.”
The data has therefore been welcomed by the property industry, which has long grappled with supply shortages, although Mary-Lou Press, President of NAEA Propertymark, emphasises the need for more suitable stock.
She says: “It’s really positive to see that the number of homes being built continues to grow, as we know that our population and the desire from people to move home continues to increase year on year.”
However, she also highlights changing demographics: “More people than ever now live alone, and a large portion of them are aged 65 years or older, meaning property specification, type, and tenure all need to be put under the microscope.”
Shifting patterns
And the data also reveals shifting patterns within the lettings market, with flats now accounting for 42% of privately rented dwellings, up from 38% in 2013. That’s compared to just 10% of owner-occupied properties, reflecting evolving rental demand and investment preferences.
Another key finding in the report is the energy efficiency improvements that are occurring right across England’s housing stock, with 87% of owner-occupied properties now achieving EPC ratings of C or above, compared to 72% in the social rented sector and 48% in private rentals.
You can find the full report here.
