New data released by NHBC shows that UK new home registrations increased by 33% in the third quarter of 2022 compared to the same period last year.
A total of 44,729 new homes were registered to be built in Q3 2022 compared to 33,603 in Q3 2021. This is the highest Q3 figure since 2007, despite expectations that property sales will slow in the coming period due to higher mortgage rates and faltering consumer confidence.
Private-for-sale registrations were up by 26% to 32,702 (Q3 2021 25,862), whilst the affordable and build to rent sector grew by 55% overall, up from 7,741 in Q3 2021 to 12,027 in Q3 2022.
New home registrations rose for every house-type in Q3 2022 with a shift in mix back towards apartments with 9,006 registered in Q3 2022, up 114% on Q3 2021. 45% of all new apartments registered in Q3 2022 were in London.
Commenting on the latest data, NHBC Chief Executive Steve Wood said: “Despite prevailing conditions, the third quarter was a strong one for new home registrations. In part this is the ‘bounce-back’ post the pandemic, but it also reflects a confidence that the underlying demand for new homes is holding across a range of tenures.
“That said, housebuilders and new home buyers are becoming more cautious, especially in the face of higher costs of living and open questions about the nature and length of any recession in the UK.”
