Q2 2000 new house-building statistics UK 14/02/06
The average expected selling price of new homes started in Great Britain during the second quarter this year was up 19 per cent on the same period in 1999. The figures published today by NHBC (National House-Building Council) also show that the ability for first time buyers to buy a new home decreased over the last three months.
The average expected selling price of new homes (registered with NHBC) was £127,000 during the second quarter of 2000, a 19 per cent rise on quarter two 1999 (£107,000). The percentage increase is the same as that seen in quarter one, and suggests that the trend for higher house prices is steady in the new build market. Based on actual selling prices, the proportion of new homes in Great Britain priced at over £100,000 went up to 52 per cent, compared to 42 per cent in the same period last year. For quarter two NHBC's first time buyers' ability to buy index stood at 109, three points lower than the previous quarter. 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. Rod MacEachrane, NHBC group director of operations, says: "There is growing evidence that house price inflation is slowing and housing demand is easing. Although second-quarter private starts were up on a year ago, the six month total shows almost no increase. Supply constraints continue to hold back the level of new home building." UK-wide figures show a total of 39,860 applications to start new homes during the quarter, a one per cent increase on the same period in 1999 (39,275). Of that total, 36,450 relate to private sector activity (i.e. excluding housing associations), and show a five per cent increase on 1999 (34,735). Housing association starts totalled 3,410, a decrease of 25 per cent on quarter two 1999 (4,540). NHBC figures show there were 40,075 new build completions during the second quarter of 2000, down one per cent on the same quarter last year (40,610). The figure for the average daily sales of homes in the second quarter of 2000 is 582, an increase of one per cent on the same period a year ago (574), showing stability within the market. ends
