London saw growth of 58%, boosted by a number of large schemes, notably build-to-rent
The number of new homes registered by UK housebuilders and developers with the NHBC in the first three months of 2019 rose 3% year-on-year to 37,672.
Noting that both registration and construction activity at the beginning of 2018 had been hit by the Beast from the East bout of bad weather, NHBC chief executive Steve Wood said the numbers were still “good for the start of the year”.
“Although Brexit uncertainties are impacting consumer confidence ands causing some dampening of new-build and second-hand sale markets, housing remains an attractive asset class for inward investors, which does cause us to be more optimistic about build-to-rent,” he added.
The affordable and rental sector rose by more than one-third (36%) to 10,381 units, although the private sector was down 6% at 26,841.
London saw what Wood described as “stonking” growth of 58%, boosted by a number of large schemes, notably build-to-rent.
Other areas of growth were Northern Ireland, up 17% year-on-year, and the South-west (15%), while the East Midlands was down by 23% and the North-west slipped 22%.
In terms of the NHBC’s financial year, which ends in March, 2018/19 saw 160,461 registrations, the highest total since 2007/08, while the 149,123 completions made for the highest annual figure since the financial crash.
Wood said last month had seen a 20% rise in registrations.
He believed the next 12 to 18 months would see “steady, modest growth” but longer term it was difficult to predict how the market might pan out, given uncertainty around the potential for economic shocks post-Brexit.
There was lots of activity going on in the regions beyond the capital, which sometimes operated “in a bubble”, he added.
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