UK new home registrations have hit a seven year high with the private sector continuing to lead growth, according to the latest NHBC statistics published today (October 23).
The total number of registrations for Q3 2014 – 36,343 – was an 8% increase on Q3 2013, up from the 3% annual rise seen in Q2. These figures represented the strongest third quarter since 2007, and the highest number of registrations seen this year, NHBC said.
Private sector registrations rose 14% to 28,468, whilst public sector registrations continued their downward trend, dropping 8% to 7,875 against the same period a year ago. But this trend for the public sector was likely to soon reverse, NHBC said, as the next phase of the government’s Affordable Housing Programme had recently been allocated.
Mike Quinton, NHBC’s CEO, said that the previous quarter’s level of registrations had suggested that growth was slowing. But now it could be starting to accelerate. “Following the dramatic growth in 2013, we saw a period of consolidation in the first half of this year, but our latest data would suggest that the price of growth is picking up again.
“Our figures show that the sharp housing upturn we have seen over the last couple of years is a genuine broad based recovery across the whole of the country, with pockets of strong growth in the North East, Yorkshire & Humberside and West Midlands.”
“But numbers are still from a low base and are nowhere near where they should be,” he added. That all main political parties viewed housing as an ongoing crucial issue, “reinforces the fact that the country urgently needs more high quality and affordable new homes,” he said.
Stewart Baseley, Executive Chairman of the Home Builders Federation, added: “Help to Buy has increased the demand for new homes and builders are responding. The industry has increased its output at the quickest rate for 40 years and is looking to continue ratcheting up supply still further. The industry is developing its supply chains and recruiting thousands of employees across the country from apprentices to experienced workers. This is giving the economy a huge boost whilst delivering more of the high quality homes the country needs.”