The number of new homes registered in London has more than doubled compared to the same period last year, according to the latest NHBC new home statistics.
More than 7,000 new homes were registered in the capital between March and May this year, a 125 per cent increase on 2018. In the month of May alone, more than 16,000 new homes were registered to be built across the UK – 11 per cent more than a year ago, with numbers boosted by inward investment in the rental sector.
NHBC Chief Executive Steve Wood welcomed the figures: “It is encouraging to see such strong figures in May.
“This has been helped by the increase in the private rental sector and the upturn in London, fueled by inward investors as well as new developments from established players.
“Of course, we will be working with developers to maintaining and improving the quality of these new homes. Construction quality is central to everything NHBC does – as highlighted by the 450 UK site managers we announced last week as Quality Award winners in the NHBC Pride in the Job Awards 2019.”
NHBC is the leading warranty and insurance provider for new homes in the UK and its registration statistics are a lead indicator for the new homes market.
43,985 new homes were registered to be built compared to 39,059 in the same March – May period last year. The private sector was up nine per cent (31,322 in 2019 v 28,612 in 2018), with the affordable and rental sector up 21 per cent (12,663 in 2019 v 10,447 in 2018).
Overall during this period there was growth in eight out of 12 UK regions – most notably in London due to the increase in large developments already this year and the continued rise in the private rental sector. There were also increases over the rolling quarter in the West Midlands (+18 per cent), Northern Ireland (+28 per cent) and Scotland (+17 per cent).
NHBC UK statistics show that:
- During March 2019 – May 2019 the number of NHBC new home registrations was 43,985 compared to 39,059 a year ago.
- 31,322 were registered in the private sector, compared to 28,612 in the previous year.
- 12,663 were registered in the affordable and rental sector, compared to 10,447 in the previous year.
Full regional breakdown of total new homes registered during this period: