Q1 2003 new house building statistics Scotland 14/02/06
House-building activity in Scotland increased throughout the first quarter of 2003 according to statistics released today by NHBC (National House-Building Council).
NHBC figures for Scotland reveal that a total of 4,961 applications were made to start new homes during the quarter, showing an eight per cent increase on the same period in 2002 (4,613).
Malcolm MacLeod, NHBC's Scottish Director, said: "Scotland saw a strong increase in the number of new home starts over the past three months; there was a 34 per cent increase in the number of applications to start new homes in quarter one 2003 compared to the fourth quarter in 2002, indicating Scotland has so far been unaffected by a downturn in the housing market."
In Scotland the average anticipated selling price of new homes (started by NHBC registered builders) during the first quarter of 2003 was £129,000, a 19 per cent increase on quarter one 2002 (£108,000). Based on actual selling price, the proportion of homes sold for over £100,000 was 63 per cent, an increase on the same period last year (48 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.
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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