If you have been on the lookout for that perfect home for a while, it is easy to feel like you will never find exactly what you are looking for.
If this sounds familiar, it could just be a case of your dream home simply not being built yet.
For first-time buyers there are a number of reasons to prioritise new build properties when searching out a home of their own. Initiatives like Help-to-Buy and Deposit Unlock offer benefits for opting for a newbuild property. And, once you move in, you really feel like the house is yours and yours alone. No scuffed walls or marks on the skirting boards!
If you are seeking a property and a newbuild fits your tastes, then there has been some good news of late, with November 2021 seeing a marked increase in output of the construction industry.
What kind of rise has been seen?
The IHS Markit/CIPS UK Construction PMI for last month registered at 55.5. This is a significant increase on October, where a PMI of 54.6 was recorded for the UK construction industry.
This rise is being attributed to the worst of a long-running supplier delay issue across the construction industry beginning to be moved past.
The portion of respondents reporting longer delivery times dropped substantially, while operating expenses appear to be stabilising after sustained rises in recent months.
What does this all mean?
Housing is one of the major elements of the construction industry, with 2020 data from the Office of National Statistics indicating as much as 40% of the UK construction industry was taken up by housing.
The recent PMI figures represent the tenth consecutive month the UK construction industry has grown. This could be the start of a purple patch for the industry, amid greater stability and a society and economy well on the way to recovery.
When taken all together, the outlook is positive for the UK housing and construction industries. Supply chain issues starting to be resolved, continued industry growth and stabilised operating expenses should all mean that the people who build new homes find doing so that bit easier.
Will there be more choice of newbuilds?
Rome wasn’t built in a day, and no new house in the UK in 2022 will be either.
That being said, the overall picture of the construction industry being strong stands to benefit the housing industry. This could lead to an increased number of houses being completed during the next year, presenting a greater chance for any interested party, including contractors and freelancers, securing one of their own.
If you are a first-time buyer or a second stepper looking for a newbuild, then the recently launched Deposit Unlock initiative could work well for you. And the more houses built, the more choice you may have.
It should be said that the construction industry and housing market always have the potential to be affected by numerous factors. But if trends carry on as they are, there’s no reason why a positive story cannot play out in 2022 when it comes to new housing and new homes.
