Registrations Of New Homes Spiked 25%
The recent NHBC data suggest a 25% annual spike in new home registrations in the UK in the first quarter (Q1) of 2022.
The researchers analysed new-build home registrations in the UK in 2021 and 2022 and revealed how the numbers changed.
New Builds Registrations 2022 vs 2021
New home registration numbers mean how many new homes were registered to be built within a period.
Q1 2022 saw a little over 35,130 new home registrations for the private sector. It sharply contrasts with just 26,773 in Q1 last year.
Build-to-Rent (BTR) and affordable sectors saw the number of new home registrations up by 10% in Q1 2022, partly because of the growing BTR market.
As for the London new homes, registrations spiked more than 50% in Q1 2022 against last year. Wales and East Midlands saw the most significant jumps, with new homes registrations in the areas up by 84% and 65% accordingly.
On the other side of the table are Northern Ireland and Scotland, where new homes registrations fell by 8% and 6% respectively.
Each house type saw growing registrations in Q1 2022, with detached properties hitting a 20-year record level (more than 16,000). According to NHBC, the main driver for the developers is the unsettling desire of homebuyers for WFH and extra space.
CEO At NHBC Explains
NHBC confirms a strong market performance in Q1 2022, with a 25% spike in new home registrations. It reflects heated market activity in the new build property market and fast-paced sales.
Material and labour shortage is still a challenge for the developers, but they are treating the issues as the new normal. Economic pressures and the tightening household budgets are yet to affect the market activity. However, strong demand in the private and rental sectors might balance things out.