The North West residential sector saw a significant boost in the number of newbuild properties commissioned in Q3 this year, leading all regions with 5,275 units.
According to the latest Market Insight report from construction data experts Barbour ABI, £621m worth of property development was commissioned in Q3, with £608m from the private sector. This is a significant figure that will likely provide a boost in confidence across the industry and region, as investors are giving the go-ahead to a significant amount of residential projects.
Greater Manchester had the leading amount of residential investment in Q3 within the North West, with major projects commissioned including two city centre £40m projects, the New Union Street and Axis Tower developments, constructing 302 and 172 apartments respectively.
Six of the top ten largest residential projects commissioned in the region in Q3 were private developments for flats, which has been a major area of residential growth within the region.
Commenting on the figures, Michael Dall, lead economist at Barbour ABI, said: “With a lack of housing across the North West heavily publicised, it’s welcoming news that the region leads the UK for newbuild units in Q3.”
“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 housebuilders 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 ten 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 up-coming private residential developments."