As many as 14,680 new homes were registered in the UK during May, latest data released by the National House Building Council (NHBC), showed. The growth in the registration of new homes year-on-year now stands at 16 per cent, which indicated a stable housing market in the UK.
The private sector continues to contribute the highest number to the new registrations accounting for 10,231 in May 2017 as against 9,380 in May 2016. For the rolling quarter, there were 44,963 new home registrations (March 2017 - May 2017), compared to 40,641 in the same period last year, an increase of 11 per cent.
In this segment also, the private sector registrations increased by 4 per cent over this period (32,561 in 2017; 31,215 in 2016). The continued upturn in the private sector is attributed to several larger Housing Associations developing homes for market rent, private sale and shared ownership along with an increase in joint ventures with the private sector.
As the leading warranty and insurance provider for new homes in the UK, NHBC's registration statistics, representing approximately 80 per cent of the new homes market, are a lead indicator of UK house-building activity.
NHBC Business Development Director Neil Jefferson said: "It is encouraging to report another positive month of growth in the sector, with levels in May ahead of those seen this time last year. We have seen increases in the levels of new home registrations in both the private and affordable sector and in nine out of 12 UK regions."