NHBC reports buoyant new home market despite Q3 marginal reduction
Published: 29 October, 2015
New home registration statistics for the UK fell marginally by 2% during Q3 when compared to the same period last year, according to new figures released by the National House-Building Council (NHBC).
released by the National House-Building Council (NHBC).
However, the overall year-to-date figures up to and including September show that the number of new homes registered with NHBC is 9% higher than this time last year (117,525; 108,118 in 2014).
In total 36,219 new homes were registered in Q3 compared to 36,955 a year ago. The private sector is static at -1% (28,527; 28,906 in 2014), with the public sector down by 4% (7,692; 8,049 in 2014).
Experts in the housing industry have attributed the drop in public sector registrations to many housing associations holding back on developments in light of welfare reforms and the cap on rental increases.
The new statistics also show that London reported a 25% rise in the number of new homes registered during Q3 (7,289; 5,812 in Q3 2014). On a national level Northern Ireland (+39%), Scotland (+8%) and Wales (+4%) all enjoyed a positive quarter when compared to the same period last year. However, in England several regions reported a reduction in the number of registrations for the quarter. Despite this, year to date figures show growth in ten out of the 12 regions in the UK.
Commenting on the new registration statistics, NHBC chief executive, Mike Quinton, said: “Despite the marginal drop in housing registrations this quarter, 2015 is still promising to be a strong year for new housing growth in the UK. Our year-to-date figures show that registrations in both the private and public sector are ahead of last year.
“The industry remains upbeat and is working hard to build the number of homes our country so desperately needs, despite the pressures associated with rapid growth.”