But government is hoping it will boost house building (or at least stop house building completions falling in 2027), & give it time for its policies to boost house building, which are long-term structural changes, such as... (10/n)
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... it certainly won't be as big a policy as the initial 'Help to Buy' as the policy and macroeconomic conditions are different & it won't be the bonanza for house builders & house builder CEO bonuses that some in media and financial markets initially think it is. (9/n)
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This doesn't mean 'Your First Home' won't enable more demand (it will) & it doesn't mean it won't be used in lower-priced areas (it will but it may largely be a substitution effect in lower price areas with people buying who could afford anyway) but... (8/n)
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& the extra government costs on house building (which will rise further with the Building Safety Levy in October 2026 & the Future Homes & Building Standards in March 2027) need to be addressed or many sites will still remain unviable. (7/n)
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... in lower priced parts of the country, affordability isn't the key problem. Site viability is, due to all of government's extra costs on house building, most of which weren't there back in 2013 or were considerably lower. (6/n)
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Now, mortgage rates & interest rates are higher, house prices are higher, there isn't 'Funding for Lending' &, vitally, whilst a lack of affordability is the most important problem in higher priced areas of the country,... (5/n)
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... there was government stimulus to help with mortgage rates with 'Funding for Lending Scheme' as well as the initial 'Help to Buy' & interest rates were at historic lows. And in 2013, the main problem countrywide was a lack of enabled demand. (4/n)
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Then, more gradually, the initial Help to Buy (without income restrictions & a £600,000 house price cap) directly enabled demand. However, this occurred when house prices were considerably lower & mortgage rates were too. Plus,... (3/n)
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When Help to Buy was announced in 2013, there was a sustained recovery from a low base, even though Help to Buy loans took off gradually, as government signalled to potential homebuyers it would underpin housing, boosting homebuyer confidence. (2/n)
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Just note that for all the initial noise, public relations & share price rises, 'Your First Home' (i.e. Help to Buy revisited) won't have anywhere near the impact that the initial 'Help to Buy' did (1/n)
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These figures underscore the importance of #NMD in promoting #careers and reshaping perceptions of modern manufacturing...

#InnovativeDesigns #Designexcellence #BriseSoleil #Craftsmanship #ArchitecturalFaçades #ArchitecturalLouvres #ExceedingExpectations #UKConstruction #Solinear #CarbonFootprint

... excluding distortions, starts & completions are likely to fall away in 2026 H2 & potentially 2027 H1 due to falls in mortgage approvals & forward sales, combined with further rises in construction, financing & government's extra costs on house building. (11/end)
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... then this would just reflect developers bringing forward starts to build out later, dependent on demand. The broader picture for starts is that in Q2 they remained 33.3% lower than the recent peak (excluding that artificial spike in 2023 Q2) &... (10/n)
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It will be interesting to see if there is a spike in house building starts in 2026 Q3 given that the Building Safety Levy starts on 1 October. It applies on building control applications for new build (not just high-rise) but even if there is a spike due to this... (9/n)
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But clearly, although these high-rise developments can start, they will only be built out based on the level of demand & site viability, which may have changed substantially since they were initially put in for planning given construction & financing cost rises. (8/n)
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... house building starts in 2026 Q2 also benefitted from delays on new high-rise developments at Gateway 2 stage from the Building Safety Regulator (after planning approval but before project start) having improved since the worst of the delays back in 2025 Q2. (7/n)
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House building starts in 2026 Q2 continued to recover from the artificial low point of 2023 Q3 & Q4 (when house builders brought forward starts into 2023 Q2, just ahead of the deadline for building under old building regulations &... (6/n)
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It is also worth noting that the majority of the impacts of rises in construction products inflation & financing costs since the Middle East conflict will only affecting house building viability & activity in 2026 H2 & 2027 H1 due to lag effects. (5/n)
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... this points towards further falls in completions in 2026 H2 as the decline in mortgage approvals & housing demand since the Middle East conflict gradually feeds through to major house builders' work-in-progress (wip) & completions. (4/n)
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The quarterly fall in completions in 2026 Q2 is concerning as most major house builders were still building out until July from forward sales based on mortgage approvals & rates before the Middle East conflict but SME builders were already affected in Q2. However,... (3/n)
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