Growth in new homes, but many more are needed

Property
Property

The number of private sector housing registrations hit their highest level since 2008 and the start of the economic downturn during May, according to latest data from the National House Building Council.

The month saw a total of 9,617 new homes registered in the private sector, the highest monthly figure since 10,465 were registered more than five years ago in February 2008. During the same period 4,297 public sector homes were registered.

The wider picture shows 36,487 new homes registered for during the three months from March, compared to 27,125 for the same period last year – an increase of more than a third.

As the leading warranty and insurance provider for new homes in the UK, NHBC’s monthly registration statistics help to provide new data on the country’s new homes market.

Commercial director Richard Tamayo said: “May’s registration figures build upon the solid volume growth seen over the last six months with the private sector providing a particular impressive showing, with a level of monthly activity not seen since 2008.

“The latest figures can be seen as proof of how various government initiatives, such as the Help To Buy scheme, are working in delivering more new homes across the industry and evidence of increasing confidence returning to the home building industry.

“Although we have seen encouraging signs so far this year for UK housing registrations, the overall level remains below what the country requires and activity remains slower than before the economic downturn.”