Q1 2005 new house building statistics UK 14/02/06
In Great Britain the average anticipated selling price of new homes started during quarter one of 2005, increased by one percent on the same period in 2004. First time buyers found their ability to buy fell in the first 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 one, 2005.
The average anticipated selling price of new homes in Great Britain (started by NHBC registered builders) was £172,000 during quarter one of 2005, a one percent increase on quarter one of 2004 (£170,000). Based on actual selling prices, the proportion of new homes priced at over £100,000 went up to 94 per cent, a significant increase on the same period in 2004 (89 per cent).
NHBC 's first time buyers ability to buy index decreased by 2 points during the quarter to 70 (quarter four, 2004 was 72). 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: "NHBC statistics show that there has been strong growth in the number of applications to start social housing developments in the past three months when compared to the same period as last year. However, applications to start new homes in the private sector and the average number of homes sold each day has dropped slightly when compared with the first quarter of last year. It will be interesting to see from NHBC's figures for the next quarter as to whether this trend continues."
UK-wide figures show a total of 46,308 applications to start new homes during the first quarter of 2005, showing a five percent decrease on the same period in 2004 (48,502). Of that total, 39,200 relate to private sector activity (i.e. excluding housing associations), showing a nine percent decrease on the same quarter of 2004 (42,906). Housing association starts totalled 7,108 - an increase of 27 percent on quarter one of 2004 (5,596).
NHBC UK figures (including the Isle of Man) show there were 33,771 new build completions during quarter one of 2005, showing a two per cent decrease on the same quarter last year (34,405).
The figure for the average daily sales of new homes in the UK for the first quarter of 2005 was 515, a decrease of five percent on the same period in 2004 (542).
Note to editors:
NHBC statistics are based almost exclusively on information relating to its 19,000 (approx.) registered house builders who construct about 85% of the new homes built in the UK. As such they represent a unique source of detailed, up-to-date information on new home construction and the house building industry.
