Q1 2005 new house building statistics Northern Ireland 14/02/06
House-building activity in Northern Ireland decreased during the first quarter of 2005 according to statistics released today by NHBC.
NHBC figures for Northern Ireland, reveal that a total of 2,473 applications were made to start new homes during the quarter, showing a thirteen per cent decrease on the same period in 2005 (2,837).
In Northern Ireland the average anticipated selling price of new homes (registered with NHBC) during the first quarter of 2005 was £129,000, a 15 per cent increase on the first quarter of 2004 (£112,000). Based on actual selling prices, the proportion of homes sold for over £100,000 was 62 per cent, an increase on the same period last year (48 per cent).
Tom Kirk, NHBC Director for Northern Ireland, says: "The decrease in the number of starts for quarter one of this year could be interpreted as a sign of a weakening market. However, it's important to acknowledge that the figures for the first quarter of last year were exceptionally strong. Furthermore, NHBC statistics show that there was a two per cent increase in the number of homes started on the previous quarter which is encouraging."
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.
