House completions for properties outside London up by staggering 667 per cent
There has been a significant spike in house completions for properties outside of London and Manchester with some areas having up to a 667 per cent rise.
Apart from England’s two main population centres, the top 10 growth areas were in outlying towns, new figures from Paragon Bank shows.
Milton Keynes led the way, experiencing a staggering 667 per cent increase in completions in 2021 from the previous 12 months, with other cities such as Bristol and Manchester (300 per cent), Luton (258 per cent), Plymouth at (183 per cent) and Stoke (157 per cent), not far behind.
London had 95 per cent increase, with other major population centres, Cardiff and Nottingham, had considerably lower rates of growth.
“Landlord demand for city and town centre property was strong in 2021”, said Paragon Bank Director of Mortgages Richard Rowntree.
He put the trend of more compilations outside of London and Manchester down to a combination of three factors, saying most have a “commutable distance to a major city, vibrant universities and healthy local economies.
“Landlords have been reacting to changing tenant demand and there is clearly demand for tenants to retain urban living, but perhaps targeting smaller towns and cities.”