NHBC reports buoyant new home market despite Q3 marginal reduction

New home registration statistics for the UK fell marginally by 2 per cent during Q3 when compared to the same period last year, according to new figures released today by 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 per cent 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 per cent (28,527; 28,906 in 2014), with the public sector down by 4 per cent (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 per cent rise in the number of new homes registered during Q3 (7,289; 5,812 in Q3 2014). On a national level Northern Ireland (+39 per cent), Scotland (+8 per cent) and Wales (+4 per cent) 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. However, year to date figures show growth in ten out of the twelve regions in the UK.

As the leading warranty and insurance provider for new homes in the UK, NHBC’s registration statistics help to provide new and accurate data on the country’s new homes market.

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.”