Q1 2005 new house building statistics Scotland 14/02/06
House-building activity in Scotland decreased in the first quarter of 2005 according to statistics released today by NHBC.
NHBC figures for Scotland show that a total of 4,934 applications were made to start new homes during the quarter, showing a 14 percent decrease on the same period in 2004 (5,751).
In Scotland the average anticipated selling price of new homes (started by NHBC registered builders) during the first quarter of 2005 was £171,000, a nine percent increase on quarter one of 2004 (£157,000). Based on actual selling price, the proportion of homes sold for over £100,000 was 88 percent, an increase on the same period last year (77 percent).
Malcolm MacLeod, NHBC Director for Scotland, says: "Almost 20,000 new homes were started in Scotland last year and the figures for the first quarter of 2004 show that a particularly high number of new homes were started. As a comparison, the past quarter could be interpreted as a sign that the market is weakening. However, the new homes market in Scotland is actually very encouraging, as the figures for quarter one this year actually show a 15 per cent increase on the number of new homes started in the last quarter of 2004."
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.
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.
