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16/11/2015

Boost in North-West for new-builds commissioned

Words: Laura Edgar

The North-West residential sector saw a “significant boost” in the number of new-build properties commissioned in Q3 this year, according to figures by Barbour ABI.

It led all regions with 5,275 units.

The market insight report from Barbour ABI, which supplies construction data to the Office for National Statistics, the Cabinet Office and the Treasury, shows that £621 million worth of property development was commissioned in Q3, with £608 million from the private sector.

Greater Manchester has the most residential development in Q3 in the North-West; major projects commissioned include two city centre £40 million projects – the New Union Street development, consisting of 302 apartments, and the development of Axis Tower, made up of 172 apartments.

According to the data, six of the top 10 largest residential projects commissioned in the North-West in Q3 were private developments for flats.

Michael Dall, lead economist at Barbour ABI, said: “With the mismatch between housing supply and demand, property prices have continued to rise at a significant pace in the region. Home movers, investors and house builders will welcome the news, as major residential investment has been poured into the North-West in the last quarter, which will hopefully help to alleviate the housing shortage.

“If there’s one concern coming from these latest figures it is from a social housing perspective. Only 10 of the 87 projects came from the public sector in Q3, however, it’s likely that affordable housing will be provided within many of the upcoming private residential developments.”

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