The year 2018 has begun on a positive note for the residential property sector with 11,733 new homes being registered in January 2018. The private sector continued to account for the bulk of the new homes registration at 9,312 units.
Data released by the NHBC showed that there was a marginal improvement in the registration of new homes over the corresponding period last year (11,607 homes registered). However, January 2018 statistics clearly indicate the stability in the UK housing market. It also shows that the demand for new homes remains steady.
Figures for the rolling quarter (Nov 2017 - Jan 2018) were virtually identical with 38,181 new homes registered during this period, compared to 38,237 a year ago. As many as 28,773 new homes were registered within the private sector (28,670 last year), with the affordable sector down 2 per cent (9,408 in 2017/2018; 9,567 in 2016/2017).
However, many areas witnessed robust growth, especially the East Midlands (+49 per cent), the North West (+42 per cent) and London (+40 per cent) over this three-month period. There were 4,769 new home registrations in London between November 2017 and January 2018.
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.
There are some impressive volumes being reported in a number of UK regions, which we hope will continue throughout the year in both the private and affordable sectors. This is needed to deliver the volumes of new, high-quality homes that the country needs.