New home registrations up 25% in first quarter, reports NHBC
-
Loading... - bethany maria
- 24 May 2022
- 301 Views
- 0 Like
- 0 Comment
New data released by NHBC shows that UK new home registrations increased by 25% in the first quarter of 2022 compared to the same period last year. A total of 45,991 new homes were registered to be built in Q1 2022 compared to 36,665 in Q1 2021, demonstrating the house-building sector’s commitment to respond to demand.
Private sector registrations were a key driver of growth with an increase of 31% to 35,134 (Q1 2021 26,773) as builders continue to respond to high consumer demand for new homes. There were also gains in the rental sector, up 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, whilst the other regions experiencing significant growth included Wales (+84%), East Midlands (+65%) and West Midlands (+52%). There were small dips in registrations in Northern Ireland (-8%), Scotland (-6%) and the East (-16%).
New home registrations rose 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, with some disruption caused by materials’ shortages and supply chain challenges. Read More…
