Mullucks Wells gives cautious welcome to house building boom

Leading local estate agent Mullucks Wells has given a cautious welcome to latest figures indicating house building in Britain is increasing at the fastest rate in more than a decade.

The statistics come from the Chartered Institute of Purchasing and Supply, which says that the housing market in July was so buoyant that it propelled the construction industry to one of its best performances since before the recession.

Mullucks Wells Land & New Homes Director Daniel Galati said: “There’s no question that while demand continues to outstrip supply, the upward pressure on prices will continue. However, it’s essential that any new building is only carried out in places which can sustain it. Development is needed, but not to the detriment of an area’s infrastructure. Aspects such as schools, roads and transport all need to be able to cope with the impact of any new homes – so every site needs to be chosen very carefully.”

The severe shortage of new homes in the UK has prompted fears of an unsustainable price boom, with the construction industry still some way off building the 240,000 homes a year the country needs.

Daniel Galati added: “We all know that there’s a shortage of housing – and these figures do suggest that developers are responding as quickly as they can. Locally, there’s a total of almost 2,500 being built in places like Bishop’s Stortford, Thaxted, Saffron Walden and Great Dunmow.

“As survey after survey has pointed out, this part of the country contains some of the most desirable places to live in the whole of the UK – so of course people want to come and live here. But it’s crucial that we ensure any new development doesn’t put at risk - or even remove - the very qualities that make this region so attractive in the first place.”