Thursday, July 7, 2022
UK

UK new home registrations increase by 25% in first quarter

home registrations

New home registrations were up for every house type with detached homes reaching a 20-year high of 16,090 registrations in Q1 2022

New home registrations in the UK have increased by 25% in the first quarter of 2022 compared to the same period last year, according to new data released by the National House-Building Council (NHBC).

The data found that 45,991 new homes were registered to be built in Q1, compared to 36,665 in Q1 last year. NHBC said the increase demonstrates the house-building sector’s commitment to respond to demand.

Meanwhile, private sector registrations were a key driver of growth with an increase of 31% to 35,134 from Q1 2021 as builders continue to respond to high consumer demand for new homes.

The rental sector also increased by 10% from 9,892 in Q1 2021 to 10,857 in Q1 2022, driven in part by the growth in Build to Rent.

London bounced back to growth with a 51% rise in new home registrations in the quarter.

Wales also experienced growth with an increase of 84% while East Midlands saw a rise of 65% and West Midlands of 52%.

There were small dips in registrations such as Northern Ireland with a decrease of 8%, Scotland saw a 6% drop and the East with a 16% decline.

New home registrations were up for every house type with detached homes reaching a 20-year high of 16,090 registrations in Q1 2022, as housebuilders continue to respond to buyers looking for extra space as many continue to work from home.

New home completions saw a slight decrease of 4% from 33,222 in Q1 2021 to 31,874 in Q1 2022, which NHBC said was caused by material shortages and supply chain challenges.

NHBC chief executive Steve Wood says: We have seen a strong start to the year with a 25% uplift in new home registrations in the quarter, reflecting a reasonably buoyant new build market and strong forward sales.

He said: Material and labour supply shortages continue to be a challenge, but this is now being managed by housebuilders as ‘the new normal’.

Important:

The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply