A few weeks back, we saw the release of the latest home commencement figures – one of a slew of ways to track what’s happening in the construction of new homes. Commencement figures are useful for two main reasons. First, and more simply, they are available monthly, while planning permissions and completions series are only available at a quarterly frequency. Secondly, and more substantively, they are a forward-looking measure. The number of homes completed is of course important. But it is intrinsically a backward-looking measure. The number of homes granted planning permission is also a forward-looking measure – but increasingly…

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