"It’s interesting to see that the fastest-growing local authorities in the UK are places in close proximity to the capital, showing that London and areas within close reach are continuing to prove popular"
- Neil Moy - Paragon Bank
Data analysed by Paragon Bank’s Development Finance division shows Slough, Epping Forest and Hastings were the fastest-growing local authorities for new home completions in the UK last year.
Paragon Bank’s Development Finance division analysed local authority data to reveal the most popular places for new homes for the year to the end of March 2024, compared to the same period last year.
Slough was the fastest growing in comparison to the previous year, with an enormous 1500% increase from 22/23 and 160 new homes built. This was followed by Epping Forest, which added 510 new homes, a 629% increase, and Hastings, which had a 300% increase, with 80 homes completed during the period.
Luton and Norwich were fourth and fifth on the list of the fastest-growing areas for UK new homes. Luton saw a 262% increase in homes being built, with 470 new homes added. The Medieval city of Norwich was close behind, with a 260% increase and 180 new homes completed.
Overall, 107 local authorities recorded an increase in the number of new homes completed during the period, compared to 241 that saw a decline.
By overall number, North Yorkshire was the local authority that saw the greatest number of new homes completed, at 2,280, followed by Leeds (2,200) and Glasgow City (2,130). Milton Keynes (1,980) and Wiltshire (1,970) complete the top five local authorities where the highest number of new homes were delivered.
Regionally, all regions and countries across the United Kingdom recorded a fall in the number of new homes completed at a local authority level. London experienced the greatest decline, dropping by 30.2% to 14,620 new homes completed, followed by Scotland’s 30% drop to 19,650. Other notable fallers were Wales (-17.8%), Northern Ireland (-15.7%) and the South East (-15.5%).
Neal Moy, Managing Director of Paragon Bank Development Finance, commented: “It’s interesting to see that the fastest-growing local authorities in the UK are places in close proximity to the capital, showing that London and areas within close reach are continuing to prove popular.
“However, in terms of the highest number of new homes built, cities and areas in the North and Midlands seem to be leading the charge, which demonstrates the growing popularity of some of the bustling cities in other parts of the UK.
“At Paragon, we’re seeing more and more developers looking at schemes in the Midlands and the North, as it’s proving to be a popular area for both residential schemes, but also purpose-built student accommodation and build-to-rent.”
