Q2 2002 new house-building statistics UK 14/02/06
In Great Britain the average anticipated selling price of new homes started during the second quarter of 2002 increased by ten per cent on the same period in 2001. This was a contributory factor to the bad news for first time buyers who found their ability to buy fell in the second quarter. The figures are published in NHBC's (National House-Building Council) New Housing Building Statistics publication for quarter two 2002.
The average anticipated selling price of new homes (started by NHBC registered builders) was £153,000 during the second quarter of 2002, a ten per cent increase on quarter two 2001 (£139,000). Based on actual selling prices, the proportion of homes priced at over £100,000 went up to 73 per cent, a significant increase on the same period last year (63 per cent). NHBC's first time buyers' ability to buy index decreased by four points during the quarter to 110, a decrease on the figure for quarter one 2002 (114). 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 who welcomed announcements made in Gordon Brown's Comprehensive Spending Review, says: "The number of applications to start new homes has increased by nearly a quarter on the same period last year which is an encouraging sign. Housing received a major boost in the Chancellor's spending review and we warmly welcome the significant increase in funds for affordable housing along with the plan to improve the planning system and the introduction of the planning incentive grant. These measures send a strong signal of this Government's willingness to address the reality of Britain's housing crisis. The Government says that 220,000 homes are needed per annum, although fewer than 170,000 were actually built last year - these figures show the industry is currently building at a 70 year low. The additional funding will play an important part in relieving the difficult problem of housing supply and demand across the different English regions, and improvements to the planning systems are essential for sustainable development." UK-wide figures show a total of 46,007 applications to start new homes during the second quarter, a 22 per cent increase on the same period in 2001 (37,661). Of that total, 41,506 relate to private sector activity (i.e. excluding housing associations), and show a 24 per cent increase on 2001 (33,563). Housing association starts totalled 4,501 - an increase of ten per cent on quarter two 2001 (4,098). NHBC UK figures show there were 38,226 new build completions during the second quarter of 2002, showing virtually no change on the same quarter last year (38,232). The figure for the average daily sales of new homes in the second quarter of 2002 is 590, an increase of six per cent on the same period a year ago (555). ends
