According to the NHBC’s latest new home registration statistics, there were nearly 38,000 new home registrations in the UK during Q3 2017, the highest Q3 total since the recession.
In the period from July to September 37,936 new homes were registered, a 6% increase on the 35,946 registered in the same period last year. Seven out of the 12 UK regions experienced growth in registrations, when compared to the same period last year. Scotland (3,056 +50%), East Midlands (3,575 +42%) and the North East (2,078 +34%) were among the regions with most notable growth.
But this doesn’t paint the full picture with new home registrations in the capital falling by 35%, 2,494 in Q3 2017 compared to 3,860 in Q3 2016. This is the lowest number since 1992, the height of the 90s property crash. This is particularly worrying with the Mayor of London, Sadiq Khan, releasing new figures today revealing that London needs to build 66,000 new homes every year to meet its growing need.
The Mayor said: “The housing crisis is a major factor in the high cost of living in the capital, as well as putting home ownership out of the reach of many young Londoners who fear they will never get a foot on the property ladder.
“I cannot overestimate how terrible a situation we inherited. Successive Prime Ministers have failed to invest anywhere near enough in building new affordable homes. We can all see the results – too many luxury penthouses that only the very wealthiest investors can afford and nowhere near enough homes within reach of ordinary Londoners.”