Q4 2003 new house-building statistics Scotland 14/02/06
House-building activity in Scotland increased in quarter four of 2003 according to statistics released today by NHBC.
NHBC figures for Scotland show that a total of 4,036 applications were made to start new homes during the quarter, showing a ten per cent increase on the same period in 2002 (3,680).
Malcolm MacLeod, NHBC's Regional Director Scotland, said: "Scotland's new housing market is showing strong growth. House prices are continuing to rise and our figures show that the total number of completions for 2003 were up sixteen per cent on 2002."
In Scotland the average anticipated selling price of new homes (started by NHBC registered builders) during the fourth quarter of 2003 was £144,000, a 15 per cent increase on quarter four of 2002 (£125,000). Based on actual selling price, the proportion of homes sold for over £100,000 was 77 per cent, an increase on the same period last year (62 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.
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).
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