New data from the National House Building Council (NHBS) has revealed UK new home registrations were up a third in Q3 2022 compared to the same period last year – but warned a slowdown is to be expected.
A total of 44,729 new homes were registered to be built in Q3 2022 compared to 33,603 in Q3 2021 – the highest Q3 figure since 2007.
This increase – which was seen for every house type in Q3 – comes despite expectations that property sales will slow in the coming period due to higher mortgage rates and faltering consumer confidence.
10 out of 12 regions experienced growth in registrations in Q3 2022 vs Q3 2021 with London, Scotland, Wales, and West Midlands experiencing significant rises.
New home completions also increased from 32,100 in Q3 2021 to 34,977 in Q3 2022, despite some ongoing disruption in the supply chain.
Commenting on the latest data, NHBC Chief Executive Steve Wood said:
“Despite prevailing conditions, the third quarter was a strong one for new home registrations. In part this is the ‘bounce-back’ post the pandemic, but it also reflects a confidence that the underlying demand for new homes is holding across a range of tenures.”
Wood did, however, warn that housebuilders and new home buyers are becoming more cautious in the face of the economic climate:
“It seems likely that a slowdown is coming which will at least help ensure that homes continue to be built to the quality required.”
A full review of the NHBC’s statistics on new home registrations is available here.
