Q3 2001 new house-building statistics UK 14/02/06
In Great Britain the average anticipated selling price of new homes started during the third quarter of 2001 increased by twelve per cent on the same period in 2000. Despite this increase there is good news for first time buyers who also found their ability to buy marginally improved in quarter three. The figures are published in NHBC's (National House-Building Council) report for quarter three 2001.
The average anticipated selling price of new homes (started by NHBC registered builders) was £146,000 during the third quarter of 2001, a twelve per cent increase on quarter three 2000 (£130,000). Based on actual selling prices, the proportion of homes priced at over £100,000 went up to 65 per cent, a significant increase on the same period last year (55 per cent).
NHBC's first time buyers' ability to buy index increased by one point during the quarter to 107, a slight increase on the figure for quarter two of 2001 (106). 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, chief executive of NHBC, says: "House building showed clear signs of recovery in the third quarter after a disappointing first half. New home registrations, completions and sales were all ahead of the same period last year. New home sale prices were up thirteen per cent on a year ago and house builders were optimistic that a similar rate of increase would be achieved for homes started during the third quarter. We hope that the weaker economic outlook since September will not reverse these encouraging trends."
UK-wide figures show a total of 41,180 applications to start new homes during the quarter, a four per cent increase on the same period in 2000 (39,424). Of that total, 37,961 relate to private sector activity (i.e. excluding housing associations), and show a seven per cent increase on 2000 (35,598). Housing association starts totalled 3,219, a decrease of 16 per cent on quarter three 2000 (3,826).
NHBC UK figures show there were 37,851 new build completions during the third quarter of 2001, showing an increase of four per cent on the same quarter last year (36,273).
The figure for the average daily sales of new homes in the third quarter of 2001 is 534, an increase of six per cent on the same period a year ago (505).
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