As we venture further into the 2020s, the UK housing market remains a hot topic of discussion. For tradespeople, construction company owners and anyone invested in large-scale home construction projects, knowing the key players and understanding the current market is crucial.
In this blog post, we’ll dive into the current state of the UK housing market, explore the biggest housebuilders of 2023, and provide a detailed forecast for 2024.
So, grab a cuppa and let’s get started.
The current state of the UK housing market
The UK housing market has shown its resilience over the past few years, navigating through the turbulence of Brexit and the Covid-19 pandemic. Despite these challenges, demand for new-build homes remains strong, and house prices have continued to soar. According to the Office for National Statistics, in October 2022, the average UK house price was £270,000, showing an increase of 1.3% from the previous year.
As the government pushes to increase housing development, the Construction Products Association forecast a growth in private housing starts to reach 157,000 units by 2024. This growth in demand for new homes is putting pressure on the housebuilding sector, pushing companies to expand their offering and ramp up production.
The biggest housebuilders in the UK for 2023
Innovation, sustainability, and design quality are the three key factors that help distinguish the best housebuilders in the industry.
Here is a list of the biggest housebuilders in the UK for 2023:
Bellway
With more than 70 years of experience, Bellway has earned its reputation as a leading UK housebuilder. With plans to construct over 10,000 homes in 2023, Bellway offers a mix of urban and rural developments with a focus on sustainability and quality.
The company’s diverse portfolio includes developments ranging from stylish apartments to spacious family homes, catering to the varied needs of the modern homeowner. Bellway places a strong emphasis on creating communities, incorporating green spaces and communal areas that enhance the overall living experience.
Bellway Homes is also recognised for its commitment to sustainability, incorporating energy-efficient technologies and environmentally conscious practices in its construction processes. So much so that they came second at the Housebuilder Awards 2023 for their “Better with Bellway commitment to sustainability”. That along with bagging the crown jewel which was Large Housebuilder of the year, and a victory in the Best Staff Development category for its innovative projects around being an Employer of Choice, you could say that it’s been a pretty good year for Bellway.
Barratt Developments
Founded in 1958, Barratt Developments remains one of the largest housebuilders in the UK, providing high-quality and sustainable homes across the nation. Known for its commitment to sustainability, Barratt strives to create homes that not only meet the needs of today but also consider the environmental impact for generations to come. The company’s focus on innovation, coupled with a dedication to green building practices, has earned them a top spot among the industry leaders.
Throughout 2023, the company had plans to build over 17,000 homes, with a focus on energy efficiency and affordability.
In terms of sustainability, Barratt Developments reached a key goal in 2023 by achieving a 40% reduction in its construction waste. The company also made significant progress in its commitment to reducing carbon emissions, with a 20% decrease reported from its 2019 baseline. These accomplishments underscore Barratt Development’s earnest efforts in striving for a more sustainable future within the UK’s housing market.
Barratt also took 2nd place for the prestigious Large Housebuilder of the Year award at the Housebuilder Awards 2023. This accolade was given in recognition of the company’s innovative approach to design, quality of construction, and customer care. In the same year, Barratt achieved a significant milestone by building its 500,000th home, further cementing its position as a dominant figure in the UK housebuilding industry.
Redrow Homes
Founded in 1974, Redrow Homes builds award-winning, energy-efficient homes across England and Wales. With a projected build of 6,500 homes in 2023, Redrow showcases innovative design, quality construction, and an outstanding customer experience.
Redrow Homes brings an artistic touch to urban development, blending aesthetics with functionality. Their diverse portfolio encompasses everything from sleek city apartments to charming countryside estates. Redrow’s commitment to design excellence and attention to detail has earned them a reputation as trendsetters in the industry, pushing the boundaries of what’s possible in residential architecture.
Not to be snubbed at the Housebuilder Awards 2023, Redrow proudly walked away with the award for Best Customer Satisfaction Initiative for their digital homebuying experience; showing that with almost four decades of industry dominance, Redrow know how to stay ahead of the curve when it comes to understanding their customer’s needs and delivering contemporary convenience.
Vistry
Vistry Group, a relatively recent merger of Bovis Homes and Galliford Try’s housing divisions, has quickly become a dynamic force in the UK housing market. The amalgamation of these two established entities brought together a wealth of experience and expertise, creating a company with a robust foundation for success.
They place a strong emphasis on design innovation, creating homes that reflect the latest trends in modern living. From contemporary urban developments to thoughtfully planned suburban communities, the company’s diverse portfolio caters to the evolving needs and preferences of a wide range of homeowners.
Beyond constructing homes, Vistry Group actively engages with local communities, fostering relationships and contributing to the overall well-being of the areas in which they operate. This community-centric approach reflects a commitment to creating more than just houses; it’s about building thriving neighbourhoods.
Vistry came in 4th for Large Housebuilder of the Year at the 2023 awards, which is phenomenal when you consider the merger took place in 2019. This success shows how much of an upward trajectory Vistry have been on since their inception and we’re expecting even bigger things from them in the years ahead.
Thakeham Homes
Thakeham may be a name that you’re currently unfamiliar with, but that’s most likely due to change if their performance for 2023 is anything to go by.
Thakeham, a South-East based company, was named Medium Housebuilder of the Year at this year’s Housebuilder Awards. They received the prestigious Best Design for Three Storeys or Fewer award for The Villas on the Green in Pease Pottage. This spacious four-bedroom property combines Edwardian and Scandinavian influences, creating a unique and captivating blend.
With a focus on wildlife preservation throughout their developments, fostering vibrant communities and building beautiful homes, it’s unsurprising that Thakeham has quickly gained a reputation as an industry leader.
In 2023, they were awarded the highest level of recognition for their support of the armed forces community. As the sole housebuilder in the South East to attain this status, they proudly join an exclusive group of only 193 recipients nationwide. 2022, wasn’t a quiet year for Thakeham either, as they were recognised as the Best Construction and Engineering company to work for in the country in the prestigious Best Companies awards.
As for 2024, Thakeham were recently announced as a key partner in Welborne – one of the UK’s largest housing developments. Thakeham has been selected by the lead developer, the Buckland Group, as one of three housebuilders to commence the initial phase of construction in early 2024 which will consist of delivering the first 600 homes in the Welborne Garden Village project.
UK housing market forecast for 2024
Looking ahead to 2024, the UK housing market is expected to exhibit steady growth, thriving on the back of strong demand and government support for the industry. The combined efforts of the largest housebuilders in the market will play a pivotal role in meeting this demand, as they continue to innovate and push the boundaries of residential construction.
While some challenges may arise, such as potential fluctuations in interest rates or supply chain disruptions, the overall outlook for the UK housing market remains positive. With a strong focus on sustainability, design excellence, and customer satisfaction, the industry is well-equipped to weather any storms that may come its way.
As we look forward to the future, it’s clear that the UK housing market will continue to be a major contributor to economic growth and a critical provider of homes for individuals and families across the country. And with companies like Barratt Homes, Redrow, Vistry, and Thakeham leading the charge, there’s no doubt that the industry is in good hands.
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