NHBC: New home completions return to pre-pandemic levels
New data released today by NHBC reveals that new home completions have returned to pre-pandemic levels as house builders demonstrate their commitment to meet the high demand for new homes.
A total of 40,289 were completed in Q2 2022, up 16% on Q2 2021. In Scotland alone, completions rose by 14% from 2,937 to 3,351.
The quarter also saw an increase in the number of new home registrations - the process by which house builders register plots they intend to build with NHBC - to 66,855, up by 45%.
This uplift is in part due to builders seeking to minimise the cost impact of energy efficiency regulations introduced in June.
11 out of 12 UK regions saw growth in the number of new home completions, with the largest increases in the North East (1,781 in Q2 2022 vs 1,284 in Q2 2021) and East Midlands (4,117 in Q2 2022 vs 3,071 in Q2 2021). Only Wales saw a slight decrease (1,183 in Q2 2022 vs 1,189 in Q2 2021).
Growth in new home completions was driven by the private sector with 29,963 in Q2 2022, up 23% on Q2 2021. New home completions in the affordable and build-to-rent sector were level with the same period last year at 10,326.
Commenting on the latest data, NHBC chief executive Steve Wood said: “Our latest figures demonstrate that output from the new homes market has made a solid return to pre-pandemic levels.
“At this stage we are not seeing evidence that the cost-of-living crisis or risks of recession are affecting consumer demand, whilst registration levels reinforce continued confidence within the sector.”