The number of houses being built will not return to pre-pandemic levels until 2026, according to Savills. And even then volumes will still be 20% short of government targets.
In the year before the pandemic, Savills estimates that about 240,000 homes were built in the UK, the most in more than 25 years. That fell below 200,000 last year.
Volumes are expected to bottom out this year with just 180,000 homes completed. While this should pick up next year, volumes will still be 20,000 short of 2019.
And while recovery will continue until 2026 it is likely to be 60,000 shy of the government’s 300,000 homes a year target.
