Sharp rise in new home registrations

first_imgHome » News » Housing Market » Sharp rise in new home registrations previous nextHousing MarketSharp rise in new home registrationsMore than 40,000 new homes were registered in Q1 2015, up 18 per cent year-on-year, says NHBC’s Mike Quinton.PROPERTYdrum1st June 20150513 Views Over 40,000 new residential properties were registered in the UK during the first three months of the year, a rise of 18 per cent compared to the corresponding period last year, the latest figures show.New house building data released by the National House Building Council (NHBC) for the first quarter of this year reveal that in total, 40,281 new homes – 30,691 private sector; 9,590 public sector – were registered.This represents a year-on-year rise of 26 per cent for the private sector, with the public sector falling slightly by just 1 per cent.In March alone, the figures show that 17,210 new homes were registered (13,068; 9,051 private sector; 4,017 public sector), up by almost a third on the corresponding month in 2014.NHBC Chief Executive, Mike Quinton (main pic), said, “Our figures show an encouraging start to 2015 with new housing registrations up 18 per cent on the first quarter of last year. Housing growth levels remain strong across virtually every part of the UK.“However, we have made clear that the UK is still building way below the volumes of homes that we need. NHBC looks forward to working with government to ensure that high quality new housing is a top priority.”Andy Frankish (left), New Build Director at Mortgage Advice Bureau (MAB), agrees that overall, the latest house building figures make for very encouraging reading.He commented, “The first quarter of 2015 has seen a significant increase in housing starts compared to both Q4 2014 and this time last year, which is good news for the industry and consumers alike. The fact, that there are now more starts than at any point since the start of the recession hopefully shows this is the beginning of a sustained period of growth for UK housebuilding.”Housing completions have also increased alongside starts, suggesting the pressure on housing supply may begin to be alleviated in the short-term as well as the long-term.However, despite the upturn, both housing starts and completions remain below their 2007 peak, and if the existing rate of house building is maintained rather than improved upon, developers will deliver less than 200,000 new homes per year.“Despite these increases we are still a long way from delivering the number of homes the country needs,” said John Stewart, Director of Economic Affairs at the Home Builders Federation.He added, “Significant constraints remain, and if the Government is to deliver on its manifesto commitment to further increase build rates we now need to see more action. Maintaining the Help to Buy scheme to 2020 is absolutely essential, as are policies to increase the speed at which land for housing comes forward through the planning system.”Meanwhile, developers north of the border have vented their frustration at the fact that Help to Buy funds have run out in Scotland – putting them at a major disadvantage to those house builders in England and Wales.Industry body Homes for Scotland (HFS) last week expressed annoyance on behalf of its members at news that the Scottish Government’s hugely successful Help to Buy (Scotland) shared equity scheme for larger home builders has almost exhausted the budget for its final 2015/16 year of funding.The organisation’s reaction comes less than a week after the Scottish Government published figures demonstrating that demand for the scheme that has already resulted in 5,000 sales worth £1 billion.HFS Chief Executive Philip Hogg (right) said, “The Help to Buy (Scotland) scheme has been a real game-changer for our industry, stimulating the construction of much needed new housing following the 40 per cent plus drop in building witnessed since the downturn and creating vital jobs.“However, it has been clear for many months that the budget was insufficient to meet demand.“With no details or firm commitment on any future support forthcoming, buyers and builders here are now at significant disadvantage to those south of the border and face months of uncertainty whilst the Scottish Government decides whether or not to launch a successor scheme.”home registrations new residential properties NHBC housing growth June 1, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicensed rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021last_img read more