Q2 2003 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 2003 increased by five 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 second quarter. NHBC, the new homes standards and warranty company, has published these figures in its New House-Building Statistics booklet for quarter two 2003.
The average anticipated selling price of new homes (started by NHBC registered builders) was £161,000 during the second quarter of 2003, a five per cent increase on quarter two 2002 (£153,000). Based on actual selling prices, the proportion of homes priced at over £100,000 went up to 84 per cent, a significant increase on the same period last year (74 per cent).
NHBC's first time buyers' ability to buy index decreased by two points during the quarter to 101 (quarter one 2003 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:
"During the second quarter average daily sales fell by six per cent and the number of housing starts in the private sector decreased when compared with the same quarter last year. However, NHBC starts for the first half of 2003 were up three per cent on the same period last year. The figures have been boosted by the number of social housing starts over the last quarter (5,539) compared with the same quarter of last (4,501)."
UK-wide figures show a total of 43,703 applications to start new homes during the second quarter, showing a five per cent decrease on the same period in 2002 (46,007). Of that total, 38,164 relate to private sector activity (i.e. excluding housing associations), showing an eight per cent decrease on the same quarter of 2002 (41,582). Housing association starts totalled 5,539 - an increase of 23 per cent on quarter two 2002 (4,501).
NHBC UK figures show that there were 44,495 new build completions during the second quarter of 2003, a 14 per cent increase on the same quarter last year (39,179).
The figure for the average daily sales of new homes in quarter two 2003 is 541, a decrease of eight per cent on the same period a year ago (590).
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