First quarter of 2017 saw 17% growth on number of new homes registered

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First quarter of 2017 saw 17% growth on number of new homes registered

More than 42,000 new homes were registered in the UK in the first three months of this year, up 17% compared with the same period in 2016, the latest data shows.

Some 42,470 new homes were registered by the National House Building Council (NHBC) in the first quarter of 2017, the highest quarterly rate for 10 years.

A breakdown of the figures show that 31,197 homes were registered in the private sector, an increase of 10% on the same period a year ago, and 11,273 new homes registered in the affordable sector, a 40% increase on 2016 numbers.

New home statistics for the financial year also reveal a 4% increase for 2016/2017 with a total of 157,898 new homes registered compared to 151,599 in 2015/2016.

Additionally, new home completions for the financial year increased by 5% to 145,282, up from 137,826 in 2015/2016 and for the first time in seven years all 12 regions across the UK experienced growth in registrations, when compared to the same period 12 months ago.

The data shows that there was a 39% growth in the North East, while London recorded growth of 38% and the East of England notable growth of 31%.

As the leading warranty and insurance provider for new homes in the UK, NHBC’s registration statistics are a lead indicator of the country’s new homes market.

‘These figures, with growth across the entire country, are clearly encouraging for the sector, at a time when there is considerable demand for new, high quality homes,’ said NHBC managing director Neil Jefferson.

‘This growth in registrations, in both the private and affordable sector, is welcome news and will result in more newly built homes across the UK over the coming months,’ he added.

Source: www.propetywire.com