The latest new home registration statistics from the NHBC reveal that new home registrations are at their highest point in 11 years.
UK builders registered more than 43,500 new homes during the third quarter of 2018, according to NHBC’s latest new home registration statistics – making it the highest quarter since 2007.
43,578 new homes were registered during the period July – September, an increase of 15% on the 37,940 registered in the same period 12 months ago. The total makes it the highest quarter since the third quarter of 2007 when 49,520 new homes were registered.
Looking solely at the private sector, 33,520 new homes were registered in Q3 2018, an increase of 16% over the same period in 2017. 10,058 new homes were registered in the affordable sector, a 12% rise on the same quarter in 2017.
Perhaps the standout statistic, however, is the rise in registrations in the capital where an 141% increase in registrations has been recorded. The NHBC believes that this is partly due to a number of large developments being registered by housing associations and by inwards investors focused on the private rental sector.
NHBC Chief Executive Steve Wood said: “The upturn in registrations over recent months is good news for the industry and shows that there remains a strong demand for high quality new homes in many parts of the UK.
“The increase in London is welcome, although it has been boosted by number of large scale developments and has to be set against unusually low figures this time last year.”
Other regions experiencing considerable growth compared to 2017 include Yorkshire & Humberside (+39%), the South West (+34%) and Scotland (+20%).
Steve Wood said: “On a broader front, the industry remains cautious in the short-run until the economic impact of Brexit is clearer. Attaining the Government’s target of 300,000 new homes by the middle of the next decade will require a real focus on innovation, particularly the use of modern methods of construction, and on building skills and capacity in the workforce onsite, topics many builders are actively grappling with.”
As the leading warranty and insurance provider for new homes in the UK, NHBC’s registration statistics are a lead indicator of the UK’s new homes market.