Construction of new residential properties continues to gain momentum in the UK with more number of homes being registered to be built in October 2017, latest home registration statistics from NHBC shows.
According to NHBC data, 13,500 new homes were registered to be built in October – this is an increase of 12 per cent when compared to the corresponding period last year. NHBC is the leading warranty and insurance provider for new homes in the UK; its data reflects the buoyancy in the housing market.
Incidentally, the private sector continues to account for the bulk of new homes being built this year. Of the 13,583 new homes registered in October 2017, 10,455 were from the private sector while 3,128 were from the affordable sector. In comparison, 12,143 (9,196 private sector; 2,947 affordable sector) homes were up for registration in October 2016.
Over the rolling quarter (August – October 2017) also, the private rented sector continued to dominate the new homes registration. As many as 31,016 homes were registered in the private sector, representing a 12 per cent increase on the same period a year ago (27,672).
It is evident from this data that the private sector is significantly contributing to the UK housing stock. It also shows that the demand for quality housing from house-buyers is on the rise.
NHBC Chief Executive Steve Wood said: "As ever, the demand for new homes remains strong, so this is clearly encouraging news for the industry and prospective new home buyers as we approach the end of the year."