Number of new homes in the UK up with surge in London, latest data shows
The number of new homes registered in London last year was the highest since electronic records began over 26 years, according to new figures from the National House Building Council published today (Friday 31 January).
In total 26,230 new homes were registered in the capital last year, a 60% increase on the 2012 figure of 16,364.
Overall, annual figures for new home registrations in the UK increased by 28% in 2013, compared to the previous year. This is the highest number of registrations at 133,670 since the economic downturn in 2007.
The figures also show a broad based sustained recovery across England with all regions reporting an increase in house building registrations from last year. Scotland and Northern Ireland also reported year on year increases.
As the leading warranty and insurance provider for new homes in the UK, NHBC's registration statistics provide significant insight on the country's new homes market.
‘Looking back at 2013 it is very clear that it has been the best in a number of years for the sector as a whole, across the entire country,’ said NHBC chief executive Mike Quinton.
‘Over the year, we have seen a genuine return of confidence to the industry as builders strive to meet the growing demand for new homes that the UK clearly needs. Government initiatives such as Help to Buy have also contributed to registrations increasing at their fastest rate since the downturn,’ he explained.
‘According to our records, London enjoyed its highest ever annual total of new home registrations. This can be attributed to prime sites, such as Nine Elms, now being redeveloped largely for residential use, an increase from overseas investment into the market and the capital's continued appeal as a property hotspot,’ he added.
Emma Reynolds, Labour’s Shadow Housing Minister, welcomed the figures. ‘The number of new homes being registered may have finally started to grow, but it remains the fact that the number of homes being built has slumped to the lowest level in peacetime since the 1920s,’ she said.
‘We need to build many more homes to keep up with demand. Owning a home is out of reach of many low and middle income earners, rents are rising faster than wages and waiting lists grow ever longer,’ she added.