There has been a substantial increase in the number of new homes registered to be built in London in August 2018, according to latest data from National House-Building Council (NHBC).
“In London, a considerable increase in the number of private rental sector developments and large housing association projects during this three-month period has contributed to a 145% increase in registrations compared to the same period in 2017,” NHBC said in its latest monthly report.
Between June-August 2018, as many as 5,774 new homes were registered to be built in London as against 2,354 during the corresponding period in 2017.
As the leading warranty and insurance provider for new homes in the UK, NHBC's registration statistics are a lead indicator for the new homes market.
Across the UK, the new home registrations remained stable, 1 per cent increase over August 2017. As many as 13,713 new homes were registered in August 2018 – 10,588 new homes for the private sector (10,738 in 2017), and 3,125 in the affordable sector (2,801 in 2017).
For the rolling quarter, between June and August 2018, 42,547 new homes were registered compared to 38,296 in 2017 – an increase of 11 per cent. During this period there were 30,738 new homes registered in the private sector (28,660 in 2017: +7 per cent) and 11,809 in the affordable sector (9,636 in 2017: +23 per cent).
NHBC Chief Executive Steve Wood said: "We continue to see strong numbers in many parts of the UK with a substantial uplift in London, driven by increased activity by housing associations and the continued flow of inward investment on for-sale and private rental developments."