Raising standards to protect homeowners
Q1 2006 new house-building statistics UK 03/05/06
In Great Britain the average anticipated selling price of new homes started during the first quarter of 2006, increased by three per cent on the same period in 2005. First time buyers found their ability to buy rose slightly in the first quarter. NHBC, the leading new home warranty and insurance provider for new homes in the UK, has published these figures in its `New House-Building Statistics' booklet for quarter one, 2006.
The average anticipated selling price of new homes in Great Britain (started by NHBC registered builders) was £186,000 during quarter one of 2006, a three per cent increase on quarter one of 2005 (£181,000). Based on actual selling prices, the proportion of new homes priced at over £150,000 went up to 70 per cent, a slight increase on the same period in 2005 (67 per cent). NHBC's first time buyers' ability to buy index increased by one point during the quarter to 64 (the figure for quarter four 2005 was 63). The index is based on a formula which takes into account the average cost of homes bought by first time buyers, average income and mortgage interest rates (from the Nationwide Building Society). The higher the index, the greater the ability to buy. Imtiaz Farookhi, NHBC Chief Executive, says: "NHBC statistics reveal that there was a substantial increase in the number of applications to start new homes in the private sector during the past three months, when compared to the same period last year. Furthermore, the average number of new homes sold each day was up 11 per cent on the first quarter of last year." UK-wide figures (including the Isle of Man) show a total of 52,140 applications to start new homes during the first quarter of 2006, showing a 13 per cent increase on the same period in 2005 (46,308). Of that total, 45,823 relate to private sector activity (i.e. excluding housing associations), showing a 17 per cent increase on the same quarter of 2005 (39,200). Housing association starts totalled 6,317, a decrease of 11 per cent on quarter one of 2005 (7,108). NHBC UK figures (including the Isle of Man) show there were 40,268 new build completions during the first quarter of 2006, showing a 17 per cent increase on the same quarter last year (34,415). The average number of daily sales of new homes in the UK for quarter one 2006 was 571, an increase of 11 per cent on the same period in 2005 (515). ends Note to editors: