UK new home growth continues to soar in 2013

Latest figures from NHBC detailing new home volumes across the UK have revealed a 19% increase in the number of new homes registered in Q3 compared to the same period in 2012.

In total 33,573 new homes were registered between July and September, compared to 28,151 over the same period last year.

The private sector fuelled the growth in new homes in Q3 with a 23% increase, rising from 20,328 registrations in 2012 to almost 25,000. Meanwhile, the public sector experienced a 10% rise over the same period to 8,589 registrations from 7,823 in 2012.

NHBC is also releasing new figures which show that nearly a quarter of people buying new NHBC-registered homes in the UK are now aged 55 or over.

The statistics show the proportion of new homes sold to the over 55s has increased by a third from 17% to 23% over the last five years. In 2008, around 17 per cent of buyers of NHBC registered homes were aged over 55. But so far this year, the numbers have increased to 23 per cent.

Meanwhile, the proportion of younger people buying new homes has decreased, with the largest proportional drop in the under 25 bracket. This figure dropped by a quarter from over 8 per cent in 2008 to just under six per cent this year.

As the leading warranty and insurance provider for new homes in the UK, NHBC’s monthly registration statistics provide significant insight on the country’s new homes market. NHBC Commercial Director Richard Tamayo said:

“Our latest figures show a sustained broad-based recovery in the UK new housing market from an extremely low base. There is little doubt that Government schemes, such as the Help to Buy initiative, have significantly contributed to the growth seen throughout the course of this year.

“Looking ahead we are hopeful of a steady increase in registrations for the public sector as the National Affordable Housing Programme continues and are confident that year-end figures for overall 2013 housing levels will be the highest since the economic downturn began.”

Commenting on the increase in over 55s buying new homes, Mr Tamayo added:

“There are interesting signs of a demographic shift in the types of people who are buying new build properties in the UK. Our figures show that the proportion of over 55s purchasing these properties has increased to nearly a quarter while the numbers of young people buying new homes has decreased slightly.

“New homes are a particularly attractive option for the older generation as they are cheaper to run, easier to maintain, safer and provide protection through an NHBC warranty.”