With this figure up 6% from the preceding period, the construction data provider has flagged this as a sign of recovery in the sector.

These findings align with the Glenigan Construction Industry Forecast 2024/26 published in June that predicts a 14% increase in private housing starts in 2025.

Looking at the drivers of these figures, Glenigan analysis highlights the Autumn Budget as having a positive influence.

This includes a £3bn fund for cheap loans for private rental of schemes by smaller developers along with £50m to accelerate planning approval processes.

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Glenigan argues that housebuilders, many with significant land holdings, are well-placed to take advantage and forecasts that development pipelines are overall looking positive.

In particular, detailed planning approvals for London rose to £2.75bn between July and September - a 76% increase from the same period in 2023.

“The Budget hit housebuilders’ share prices as the government’s extra borrowing plans mean mortgage rates are likely to fall at a slower rate than had been hoped, despite the cut in base rates to 4.75% earlier this month.

“But private housing is still amongst the most promising sectors for new construction work,” Glenigan added in its analysis.

“As a more favourable planning regime under Labour starts to take effect, private housebuilders are getting set to start work on more new sites, particularly in the South East and East of England.”