Housing Market

More than 160,000 new homes were registered to be built in the UK last year, an increase of 6% on 2016, according to latest statistics from the National House Building Council (NHBC).

NHBC numbers show that 160,606 homes were registered throughout the course of 2017, up from the 152,017 in 2016 and the highest since the pre-recession levels of a decade ago.

The private sector grew by 3% with 118,825 new homes registered, with the affordable sector increasing by 14% to 41,781 – the highest yearly total for the sector since NHBC electronic records began 30 years ago.

New home completions also increased by 4% from 141,685 in 2016 to 147,278 last year.

Nine out of 12 UK regions experienced an increase in registrations, with the East Midlands (up 19% to 14,481), Wales (up 19% to 5,470) and Northwest (up 12% to 16,947) among the areas which saw strongest growth.

Figures for London showed the rate of new homes being registered was slightly up on 2016, with 17,850 units compared to 17,587 the previous year. This was the first increase year-on-year in the capital since 2014.

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

This will be welcome news to local construction business Mick George Ltd who recently announced their plans to enter the housing market, with the first MG Homes due for release in quarter-one, 2018.

housing market trends

They Said:

NHBC chief executive Steve Wood said: “Our figures show the market has delivered strong growth resulting in the highest new home figures for a decade and growth across the majority of the UK, including London for the first time since 2014.''

“Looking ahead, NHBC will continue to work with the industry to help raise the standards of new homes. With 6% growth in the quantity of new home registrations, the focus on delivering quality for consumers remains critical.”