Q1 2002 new house building statistics UK 14/02/06
In Great Britain the average anticipated selling price of new homes started during the first quarter of 2002 increased by ten per cent on the same period in 2001. Despite this increase there is good news for first time buyers who found their ability to buy improved in the first quarter. The figures are published in NHBC's (National House-Building Council) report for quarter one 2002.
The average anticipated selling price of new homes (started by NHBC registered builders) was £148,000 during the first quarter of 2002, a ten per cent increase on quarter one 2001 (£135,000). Based on actual selling prices, the proportion of homes priced at over £100,000 went up to 71 per cent, a significant increase on the same period last year (60 per cent). NHBC's first time buyers' ability to buy index increased by five points during the quarter to 113, a significant increase on the figure for quarter four 2001 (108). 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: "March saw a decline in house building activity. Private sector registrations recorded their lowest March total since 1997, with a seven per cent drop on the same month last year's figure. Completions were also down seven per cent on a year ago. First quarter registrations were seven per cent higher than in the first quarter of last year when house building was hit by poor weather and flooding." UK-wide figures show a total of 42,768 applications to start new homes during the first quarter, a seven per cent increase on the same period in 2001 (39,893). Of that total, 38,198 relate to private sector activity (i.e. excluding housing associations), and show a six per cent increase on 2001 (36,085). Housing association starts totalled 4,570 an increase of 20 per cent on quarter one 2001 (3,800). NHBC UK figures show there were 32,774 new build completions during the first quarter of 2002, showing a decrease of three per cent on the same quarter last year (33,661). The figure for the average daily sales of new homes in the first quarter of 2002 is 525, an increase of four per cent on the same period a year ago (506). ends
