Miller Homes buoyed by market upturn

Statistics released by the Department of Communities and Local Government show that the upturn in the housing market is fast, sustained and deeper than just asking prices, reports Miller Homes.

The Department of Communities and Local Government’s (DCLG) report on housebuilding shows that the number of houses built (“completions”) rose in the quarter April – June 2009. For private housebuilders, these were 27% higher than in the previous quarter and overall they were 7% higher than in the same quarter in 2008.

Peter Vella, Sales Director of Miller Homes North West, said: “This is a very strong indicator that, across the housebuilders, there is a return to confidence in the market.

“This is further emphasised by the fact that private enterprise “starts” – the number of new homes that private housebuilders have begun building – rose by 73% compared to the March quarter. This is the second successive rise in these seasonally adjusted figures and so it shows a sustained change. These new starts are important as they are new investments in the market – not just “finishing off” houses that were already half built.

“Both of these are rapid rises and so indicate a substantial change in the confidence of housebuilders in the property market.”

Peter was not surprised by the upturn: “Miller Homes in the North West is on target to meet its sales forecasts for this year. We are increasing the rate of building at our developments and the challenge now is to keep up with demand.

“Buyers, especially first time buyers and those looking to move up the property ladder, are right to consider buying now. With the recent drops in house prices, great mortgage deals and low interest rates creating an environment of better affordability than in years, there is a window of opportunity that will not last. Buyers should not delay their purchasing decision because, as these figures show, confidence is returning rapidly. Expect house price increases to follow as land, building trades and material price rises filter through to the market.”

For more information, visit millerhomes.co.uk.