The latest Output of the Construction Industry Statistics from the Office for National Statistics (ONS) found that the construction of new homes increased by 28.2% in the second quarter compared to Q1, which was the fastest quarterly jump since 2007.

Regarding the annual change, Richard Connolly, CEO at Rentplus, commented: “The figures do reveal the startling disparity between the private and public sector housing markets. The 8.3% increase in new private housing between July 2015 and 2016 is strikingly offset by an 8.6% decrease in the number of public homes being built. This trend is reflected in the new start figures, with public housing accounting for just 11% of all new housing orders – well below Government targets. We hope that November’s Autumn Statement will be a pivotal turning point in addressing the housing shortage.”

Andrew Bridges, managing director at Stirling Ackroyd, said: “It’s clear that construction output and housebuilding is flat-lining. The Bank of England’s decision to halve interest rates has helped to balance the ship in the very short term, but it is still too early to say what the longer-term impact of June’s referendum will be on housebuilders, the property market and the wider economy.”