Posts tagged First-time buyer
Increased demand from first-time buyers coupled with the government’s increased investment in the housing market are driving new private housebuilding projects to grow by 40 per cent in the second quarter of 2012, resulting in more employment opportunities for people in the trades.
New data published by construction industry analyst Glenigan has revealed significant year-on-year growth in the underlying value of new private housing project starts in the first two quarters of 2012, compared to the same period in 2011.
Glenigan forecasts indicate that the underlying value of project starts will increase by 29% over 2012 providing further employment opportunities for builders and trade professionals, including electricians, plumbers and gas engineers.
Glenigan said the findings are giving a strong indication that confidence is returning to the private housebuilding market, paving the way for more jobs in the building construction industry.
Economics Director at Glenigan, Allan Wilén, said that despite weak economic conditions and a fragile banking sector, housing developers have seen an increased demand from first-time buyers and the government’s incentive schemes which have helped them to make a swift economic recovery.
Commenting on the sector’s future performance Mr Wilén said:“While the threat of an increase in interest rates and the end of the stamp duty holiday have stymied the market to a certain extent, we expect the sector to continue to grow through 2012 and 2013 as the wider economy begins to recover once more.”
The figures from Glenigan, compiled through comprehensive data collation and exhaustive research, reveal that London and the South East continue to dominate the market having accounted for almost a third of the value of all new private housing schemes starting on site in the first half of 2012.
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Planning permission has been granted to the biggest North East housing redevelopment on the banks of the Tyne which will create hundreds of jobs in the building construction industry.
The project is part of the government’s scheme to build 16, 000 new homes across England to deal with the current shortage of affordable houses as well as to help first time buyers with lower interest rates.
The government has recently argued that making homes more affordable for first time buyers will increase demand in the housing market and will help the building industry to generate more revenue.
The North East housing redevelopment will bring more jobs to the region as more than 1,800 homes will be built over the next 15 years in the Scotswood area of Newcastle.
Key developers and house builders involved in the project include Barratt, Keepmoat and Yuill; they expect to start building work on the first 400 homes this summer. The housing development will comply with Level 4 of the government’s Code for Sustainable Homes, which is higher than the currently required standard.
The government has said it will support first time buyers in their efforts to get on the housing ladder easier which will increase housing demand and generate more money in the building construction sector.
First time buyers will get support and funding from the Homes and Communities Agency’s FirstBuy scheme, which is part of the Government’s wider proposals to boost growth by simultaneously stimulating demand, tackling supply-side barriers and supporting local building priorities.
The New Tyne West Development Company, the private-public partnership formed by the builders and the city council, will be running workshops in coming months to help local firms and builders to bid for work on the development.
Businesses and building companies interested in the bidding process can contact Amanda Senior on 0191 226 7943 or email Amanda.email@example.com for further information.
What is your reaction on granting planning permission to the largest housing redevelopment in the North East? Do you think you/your business would benefit from the building construction work which will be done in future? Share your thoughts by leaving a comment below: