Drop in residential approvals in 2018 Q2

The second quarter saw a drop in residential approvals from the historically high levels seen over the last year. The number of units approved during the quarter was 19% down on the first quarter of 2018 and 12% lower than a year ago. The year-on-year decline was driven by an 11% drop in the number of private housing units approved and a 29% fall in units on social housing projects.

Glenigan recorded the approval of around 87,636 residential units during the second quarter of 2018. At 76,000 units, housing schemes of ten or more units accounted for 87% of approved units; the remainder being on smaller new build projects including self-build schemes, homes included within non-residential projects, and the conversion of nonresidential properties.

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Notes:

• The Home Builders Federation (HBF) is the representative body of the home building industry in England and Wales. The HBF’s member firms account for some 80% of all new homes built in England and Wales in any one year, and include companies of all sizes, ranging from multi-national, household names through regionally based businesses to small local companies: www.hbf.co.uk
• Glenigan is the UK’s leading provider of construction data, contract leads and construction market analysis. Combining comprehensive data gathering and exhaustive research with detailed statistical modelling and expert analysis, it delivers a trusted insight into UK construction trends and activity.
• The housing approvals data analysed in this report is drawn from Glenigan’s extensive database of current and planned construction projects. Glenigan’s detailed coverage of planned housing projects across the UK offers valuable strategic and tactical insights into developers’ active sights and pipeline, with sites tracked through to completion. www.glenigan.com
• ‘Permissions’ are measured when the first ‘reserve matter’ attached to the consent is approved. Before an ‘implentable’ permissions is granted that allows work to start on site, a planning obligations (S106) agreement will almost always have to be agreed and signed and all pre-commencement planning conditions attached to the permission have to be discharged. Some permissions will have up to 100 conditions attached.