Q4 2003 new house-building statistics UK 14/02/06
In Great Britain the average anticipated selling price of new homes started during quarter four of 2003, increased by seven per cent on the same period in 2002. There was bad news for first time buyers who found their ability to buy fell in the fourth quarter. NHBC, the leading new home warranty and insurance provider for new homes in the UK, has published these figures in its New House-Building Statistics booklet for quarter four 2003.
The average anticipated selling price of new homes (started by NHBC registered builders) was £173,000 during quarter four of 2003, a seven per cent increase on quarter four 2002 (£161,000). Based on actual selling prices, the proportion of homes priced at over £100,000 went up to 88 per cent, a significant increase on the same period in 2002 (80 per cent).
NHBC's first time buyers' ability to buy index decreased by five points during the quarter to 94 (quarter three was 99.) 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:
"The last 12 months showed an encouraging amount of new house building activity despite fluctuations in the first half of the year. NHBC statistics show that private housing registrations were up four per cent on 2002, with a total of 179,000 compared to 171,456. Furthermore, the average number of daily sales increased to 591 in December, a nine per cent increase on the same month a year ago."
UK-wide figures show a total of 42,113 applications to start new homes during quarter four of 2003, showing a two per cent increase on the same period in 2002 (41,249). Of that total, 37,821 relate to private sector activity (i.e. excluding housing associations), showing little change on the same quarter of 2002 (37,698). Housing association starts totalled 4,292 - an increase of 21 per cent on quarter four 2002 (3,551).
NHBC UK figures show that there were 49,516 new build completions during quarter four of 2003, a five per cent increase on the same quarter last year (47,111).
The figure for the average daily sales of new homes in quarter four 2003 was 570, an increase of three per cent on the same period in 2002 (553).
ends
