There’s a building boom in the UK’s new homes market, with the number of new homes registered reaching its highest level in more than a decade.
According to figures from the NHBC, which provides warranties and insurances for new homes, more than 43,500 new dwellings were registered in the third quarter of 2018, the highest quarter since 2007.
Major increase in London
The total of 43,578 from July to September was a rise of 15 percent on the 37,940 recorded in the same period a year ago.
London saw an incredible rise in registrations, up from just 2,492 in 2017 to 6,007 this year, an increase of 141 percent.
There was also major growth in new-build homes in other regions compared to a year ago. Yorkshire and the Humber’s registered new homes rose by 39 percent, the south-west by 34 percent and Scotland by 20 percent.
Strong demand remains
NHBC chief executive Steve Wood said: “The upturn in registrations over recent months is good news for the industry and shows there remains a strong demand for high-quality new homes in many parts of the UK.
“The increase in London is welcome, although it has been boosted by number of large scale developments and has to be set against unusually low figures this time last year.
“On a broader front, the industry remains cautious in the short-run until the economic impact of Brexit is clearer. Attaining the Government’s target of 300,000 new homes by the middle of the next decade will require a real focus on innovation, particularly the use of modern methods of construction, and on building skills and capacity in the workforce onsite, topics many builders are actively grappling with.”