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New homes at the highest level since 2008 – up 34% in past 12 months

The number of contract’s for new homes increased for the sixth consecutive month in October and are at the highest level since 2008, according to new figures.

Barbour ABI, which is a chosen provider of construction data to the Office for National Statistics (ONS) and the Government, has published its latest Economic & Construction Market Review revealing that the total number of contracts for new homes awarded in October increased by 9.2% from the month before and were 34.2% higher than October 2013.

While the number of residential units continues to increase, contract values fell slightly in October, with values 0.6% down on September and 6.2% lower than the same month last year. Experts believe this may be an indication that the recent boom in house building is beginning to spread to other parts of the UK, as opposed to a concentration in London where values tend to be higher.

Michael Dall, lead economist at Barbour ABI, said: “With rumours of a cooling housing market, it’s encouraging to see the residential sector still performing strongly in October, accounting for a third (30%) of the total value of contracts awarded.”

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