Q2 2004 new house-building statistics UK 14/02/06
In Great Britain the average anticipated selling price of new homes started during quarter two of 2004, increased by eight per cent on the same period in 2003.
There was bad news for first time buyers who found their ability to buy fell in the second 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 two 2004.
The average anticipated selling price of new homes in Great Britain (started by NHBC registered builders) was £174,000 during the second quarter of 2004, an eight per cent increase on quarter two of 2003 (£161,000). Based on actual selling prices, the proportion of new homes priced at over £100,000 went up to 91 per cent, a significant increase on the same period in 2003 (84 per cent).
NHBC's first time buyers' ability to buy index decreased by 14 points during the quarter to 75 (quarter one was 89.) 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:
"Despite reports of a slow down, new house building continues to be buoyant. NHBC statistics show that there was a total of 93,877 applications to start new homes in the UK during the first half of this year, showing a two per cent increase on the same period in 2003 (91,959). Furthermore, the average number of new homes sold each day so far this year has risen to 576, showing a rise of 10 per cent on the figure for the same period last year (526)."
UK-wide figures show a total of 45,375 applications to start new homes during quarter two of 2004, showing a four per cent increase on the same period in 2003 (43,779). Of that total, 39,457 relate to private sector activity (i.e. excluding housing associations), showing a three per cent increase on the same quarter of 2003 (38,240). Housing association starts totalled 5,918 - an increase of seven per cent on quarter two 2003 (5,539).
NHBC UK figures show that there were 44,724 new build completions during quarter two of 2004, showing less than a one per cent decrease on the same quarter last year (45,015).
The figure for the average daily sales of new homes in the UK for quarter two of 2004 was 611, an increase of 13 per cent on the same period in 2003 (541).
