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Stable first half of the year for new home registrations

In Q1 2011, 30,012 new homes were registered (7 % higher than the comparable figure in 2010), a figure boosted by registrations for new homes at the Athletes’ Village. Healthy registrations in June ahead of the summer building period also contributed to the number of registrations during Q2 2011 being 11% higher than Q2 2010 (33,820, Apr-Jun 2011 compared to 30,597, Apr-Jun 2010).
Imtiaz Farookhi, chief executive of NHBC, said:

"The number of new home registrations for the year to date has been positive and an increased number of registrations during quarter two has set the momentum ahead of the summer period. However, with mortgage lending still at historically low levels there remains uncertainty about whether new home sales levels will be sufficient to sustain this increased activity. We will therefore follow activity during the second half of this year with optimistic interest."

Steve Lees, Director at SmartNewHomes, said:

“The latest NHBC data paints a more positive picture of the new homes market. An 11% increase in new home registrations in Q2, compared to the same period last year, is certainly encouraging. As we approach the quieter summer period we are optimistic that the wide range of developer deals and incentives, as well as the government’s newly launched FirstBuy scheme, will help sustain industry activity.
"However, there is still a vast gap between the number of new homes being built and the number needed to make up the massive shortfall between supply and demand in the UK, and until mortgage finance and the supply of land for development improves, the situation is unlikely to improve drastically."

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