According to the NHBC’s latest statistics on new home registrations, builders registered nearly 38,000 new homes in the UK during Q3 2017, the highest Q3 total since the recession.
In the period July – September, 37,936 new homes were registered, representing a 6% increase on the 35,946 registered in the same period in 2016. This year’s new home registrations have continued to rise compared with last year, totalling 120,753 registrations between January and September – a 7% increase.
The private sector saw a 9% increase for the quarter (Q3 2017: 29,083 vs Q3 2016: 26,611), with 8,853 new homes registered in the affordable sector, a 5% decrease on Q3 2016 (9,335). However, the year-to-date (January to September 2017) registrations in the affordable sector have increased compared with 2016.
Seven out of the 12 UK regions experienced growth in registrations, when compared to the same period last year. Scotland (3,056 +50%), East Midlands (3,575 +42%) and the North East (2,078 +34%) were among the regions with most notable growth.
Commenting on the latest new home statistics, NHBC Chief Executive Steve Wood said:
“We have seen encouraging growth in terms of the number of new homes being registered over the last three months, across many parts of the country.”
“With demand for high quality new homes as strong as ever, this is positive news for the industry and prospective homebuyers, particularly in light of the current political and economic uncertainties.”
Currently representing around a third of new home buyers, there is a continued increase in the proportion of buyers in the 25-34 age bracket. This reflects the government’s investment in the Help to Buy scheme, which represents 30-40% of the new homes market.
NHBC’s registration statistics are a lead indicator of the UK’s new homes market.