The private rental sector continues to drive the construction of new homes in the UK, according to the latest statistics from the National House Building Council (NHBC).
As many as 3,875 new homes were registered in the rental and affordable sectors in August 2019, an increase of 19 per cent year-on-year (3,252 in 2018). For the rolling quarter under review (June-August) also, there was an increase in the number of new homes registered in the rental sector and affordable sectors – 12,418 compared to 11,971 during the corresponding period the previous year.
NHBC is the leading warranty and insurance provider for new homes in the UK and its registration statistics are a lead indicator for the new homes market.
The overall number of new homes registered to be built by builders and developers across the UK in August, however, was down 10 per cent compared to August 2018 (12,295 in 2019; 13,712 in 2018). NHBC has attributed the slowdown in overall registrations due to prevailing uncertainties in this pre-Brexit period.
The number of new homes to be built in London continued to rise during June-August, 6,168 homes compared to 5,868 during the corresponding period in 2018. For the last three months, the construction of new homes in London is on the rise. Across the UK, 27,795 new homes were registered in the private sector during June-August 2019, NHBC statistics revealed.
NHBC Chief Executive Steve Wood said: “The slowdown in overall registrations in August seems to be partly due to prevailing uncertainties in this pre-Brexit period. Nonetheless, it is encouraging to see growth coming through in the affordable and rental sector.”