New figures from
NHBC have revealed that 154,698 new homes were registered to be built in the
2017/18 financial year.
This represents the
second highest number of registrations in a decade - a slight decrease of 2% on
the record 157,805 registrations seen in FY 2016/17, with growth in six out of
12 of the UK regions.
With growth in the
first three quarters of FY 2017/18, compared to the previous year, 116,451 new
homes were registered in the private sector (compared to 117,987 in 2016/17)
and 38,247 homes were registered in the affordable sector (compared to 39,818 in
2016/17).
Six out of the 12 UK
regions experienced growth in FY 2017/18, with the most notable increases in
the North West (18,272 +21%), East Midlands (14,314 +12%) and Wales (5,384
+11%).
The new figures
revealed a slower start to 2018, with 36,637 new homes registered in the first
three months of the year, compared to 42,405 in the same period last year, a
decrease of 14%.
This fall in
registrations in the first three months of 2018 can in part be attributed to
the exceptionally bad weather during the start of the year, which severely
affected progress on building sites across the country. There are anecdotal
reports from some house builders that up to 30 days were lost on site in the
first quarter of the year as a direct result of the arctic conditions.
Other contributory
factors include the well-documented shortages in skills across the
house-building industry, caution around Brexit and short-term market
fluctuations.
Despite the
challenges in the first quarter of the year, longer-term trends indicate
continued growth in new home registrations, with industry confidence strong
amongst UK house builders in both the private and affordable sectors.
As the leading
warranty and insurance provider for new homes in the UK, NHBC's registration
statistics are a lead indicator of the UK’s new homes market.
Commenting on the
latest new home registrations statistics, NHBC Chief Executive Steve Wood said:
“New home registration figures for the last financial year have reached the
second highest level in a decade, despite a challenging start to 2018, with
freezing weather conditions affecting building sites up and down the country.
"Business
confidence in both the private and affordable sectors remains high with clear
routes to continued growth in 2018, and NHBC will continue to help support
house builders to build the high quality new homes that people across the UK
need."
NHBC UK statistics
for Q1 2018 show that during FY 2017/18 the number of NHBC new home
registrations was 154,698 compared to 157,805 a year ago. Of these: 116,451
were registered in the private sector, compared to 117,987 in the previous
year; and 38,247 were registered in the affordable sector, compared to 39,818
in the previous year.
