New home construction starts and completions in London (UK) 2010-2024

The number of housing starts and completions in London decreased sharply in the fiscal year 2023/24. That came after a period of steadily increasing housing starts between 2019/20 and 2022/23, with 21,080 units started that latter year. Meanwhile, the number of new residential property starts and completions in London amounted to less than 14,600 dwellings in 2023/24. Moreover, the overall housing starts in the United Kingdom were forecasted to grow annually at around eight percent between 2023 and 2028.

How do residential construction costs compare across regions in the United Kingdom?

Construction costs have been an important challenge for contractors and homebuilders in the United Kingdom, having an effect on their profit, but also on the final price of housing. Residential construction costs in the UK varied significantly by city and building type, with apartment high-rises generally being more expensive to construct than medium-standard townhouses. Overall, construction costs reflect a trend in which urban centers like London and Manchester have the highest average residential building construction costs in the UK.

What is the price of a newly built home in the United Kingdom?

Over the past decade, house prices have generally increased, reflecting a steady upward trend in the housing market. By the end of 2023, the average price of a newly built house in the UK amounted to nearly 300,000 British pounds. However, this represented a slight dip compared to the previous quarter, which recorded the highest average house prices since 2013. These trends suggest that the rise in housing costs will continue in the long-term, even if prices fluctuate slightly in certain quarters.