Tom Kirk, NHBC director for Northern Ireland, says: "Despite the drop in house-building activity, the industry still seems confident. The first time buyers' ability to buy index has increased a point, despite warnings of stagnation and slow down in the housing market generally."

In Northern Ireland the average anticipated selling price of new homes (registered with NHBC) during the third quarter of 2001 was £98,000, a 17 per cent increase on quarter three 2000 (£84,000). Based on actual selling prices, the proportion of homes sold for over £100,000 was 31 per cent, an increase on the same period last year (23 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 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.

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).

Q3 2001 regional figures

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