Nick Millican has recently joined other veteran members of the London housing market industry in commenting on recent housing starts. He has noted that the rise in such starts has a lot to do with looming deadlines. In short, a new series of regulations is putting the squeeze on home builders.
As a result, the race to dodge new rules is on. What this means for the market in the long run is hard to put into words. This is how the real estate industry is behaving up to now. As experts like Nick Millican have alleged, the most prominent effect will be an increase in building. The rate of new starts is currently listed at 73,600 homes being built in the second quarter of this year.
This represents an increase of 34% over totals recorded last year. To say that the housing industry has gone into hyperdrive would be a bit of an understatement. This does not mean that Nick Millican and other experts believe a bubble will soon burst.
Instead, what will most likely take place is a necessary adjustment rather than a crash. Sooner or later, Nick Millican shares, the new rules will take effect and housing starts will return to normal (Facebook).
In the meantime, many builders are working hard to meet the deadline and avoid new regulations. Whether home buyers are impressed by what can easily be seen as skimping on safety features remains to be seen. Veteran industry figures, such as Nick Millican and his peers, are taking a neutral stance. The final resolution to the issue will be known soon enough.