Q1 2003 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 2003 increased by eight per cent on the same period in 2002. There was slightly bad news for first time buyers who found their ability to buy fell in the first quarter. NHBC (National House-Building Council) has published these figures in its New House-Building Statistics booklet for quarter one 2003.
The average anticipated selling price of new homes (started by NHBC registered builders) was £160,000 during the first quarter of 2003, an eight per cent increase on quarter one 2002 (£148,000). 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 (71 per cent).
NHBC's first time buyers' ability to buy index decreased by one point during the quarter to 102 (quarter four 2002 was 103). 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:
"NHBC figures for average daily sales in quarter one decreased by two percent, suggesting that the housing market has weakened slightly over the past three months. A drop in homebuyers' confidence can be attributed to the start of the war in Iraq, combined with fears for the direction of the UK economy. It is important to note that other NHBC statistics show strong growth, with the number of applications to start new homes, completions and housing association starts all up on quarter one 2002. We will know if the drop in daily sales will continue in the next few months."
UK-wide figures show a total of 48,136 applications to start new homes during the first quarter, showing a 12 per cent increase on the same period in 2002 (42,813). Of that total, 42,585 relate to private sector activity (i.e. excluding housing associations), showing an 11 per cent increase on 2002 (38,243). Housing association starts totalled 5,551 - an increase of 21 per cent on quarter one 2002 (4,570).
NHBC UK figures show there were 37,730 new build completions during the first quarter of 2003, showing a 12 per cent increase on the same quarter last year (33,642).
The figure for the average daily sales of new homes in quarter one 2003 is 512, a decrease of two per cent on the same period a year ago (525).
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