Q4 2002 new house-building statistics UK 14/02/06
In Great Britain the average anticipated selling price of new homes started during the fourth quarter of 2002 increased by 11 per cent on the same period in 2001. There was bad news for first time buyers who found their ability to buy fell in the fourth quarter. NHBC (National House-Building Council) has published these figures in its New House-Building Statistics booklet for quarter four 2002.
The average anticipated selling price of new homes (started by NHBC registered builders) was £161,000 during the fourth quarter of 2002, an 11 per cent increase on quarter four 2001 (£145,000). Based on actual selling prices, the proportion of homes priced at over £100,000 went up to 80 per cent, a significant increase on the same period last year (68 per cent). NHBC's first time buyers' ability to buy index decreased by two points during the quarter to 103 (quarter three 2002 was 105). 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: "In 2002 there was an encouraging amount of house building activity. NHBC private housing registrations ended 2002, 10 per cent up on the previous year, with December 2002 showing a 42 per cent increase on the same month of 2001. Furthermore, Housing Association starts were up 15 per cent on the previous year." UK-wide figures show a total of 41,277 applications to start new homes during the fourth quarter, showing a 15 per cent increase on the same period in 2001 (35,915). Of that total, 37,727 relate to private sector activity (i.e. excluding housing associations), showing a 15 per cent increase on 2001 (32,849). Housing association starts totalled 3,551- an increase of 16 per cent on quarter four 2001 (3,068). NHBC UK figures show there were 46,320 new build completions during the fourth quarter of 2002, showing a 20 per cent increase on the same quarter last year (38,525). The figure for the average daily sales of new homes in quarter four 2002 is 553, an increase of five per cent on the same period a year ago (527). ends
