New home registrations in the UK between July and September shot up to more than 43,000, according to new figures released by the National House Building Council (NHBC). This is the most since mid-2007, when 49,500 new homes were registered, just as the global credit crisis broke.
The figures are made up of private sector building (33,520 new homes) and the affordable sector (10,000 homes), with London, Yorkshire and the Humber regions all showing major increases.
In London and its surrounding areas, several large scale plans are in prospect including the redevelopment of the Ford plant in Dagenham, which will include 3,000 new homes, a major scheme in Poplar, East London, with 1,500 homes, and an important build-to-rent scheme in Elephant and Castle, close to London’s South Bank.
London, Yorkshire and Humber all registered growth of 39 per cent over the same period in 2017, while the South-West (24 per cent) and Scotland (20 per cent) were the other two big winners.
NHBC Chief Executive Steve Wood commented: “The upturn in registrations over recent months is good news for the industry and shows that there remains a strong demand for high quality new homes in many parts of the UK,” although he cautioned that until the terms of Brexit are clearer, the market will remain cautious.
Residential experts predict that prime Central London property values will rise by 15 per cent in the next five years.