Savills Reports Increase in Home Completions Ahead of Planning Permission Approvals

Savills Reports Increase in Home Completions Ahead of Planning Permission Approvals

The UK property market has seen a surge in home completions ahead of planning permission approvals, according to a recent report from Savills. The report, released in April 2021, shows that the number of homes completed in the UK has increased by 8.4% in the first quarter of 2021 compared to the same period last year.

The increase in home completions is attributed to the UK government’s commitment to building more homes. The government has set a target of 300,000 new homes to be built each year by the mid-2020s. This has led to an increase in planning permission applications, which are then approved and construction begins.

The report also found that the number of homes under construction has increased by 5.7% in the first quarter of 2021 compared to the same period last year. This is likely due to the government’s commitment to increasing housing supply.

The report also revealed that the number of homes completed ahead of planning permission approvals has increased by 14.5% in the first quarter of 2021 compared to the same period last year. This suggests that developers are taking advantage of the government’s commitment to building more homes and are starting construction before they have received planning permission.

The report also found that the number of homes completed in London has increased by 11.3% in the first quarter of 2021 compared to the same period last year. This suggests that London is leading the way in terms of housing supply and is likely due to the government’s commitment to increasing housing supply in the capital.

Overall, the report from Savills shows that there has been an increase in home completions ahead of planning permission approvals in the UK. This suggests that developers are taking advantage of the government’s commitment to increasing housing supply and are starting construction before they have received planning permission. This is likely to help the UK meet its target of 300,000 new homes each year by the mid-2020s and will help to address the current housing shortage.

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