NHBC data reveals that new home completions have returned to pre-pandemic levels, up 16% on Q2 2021
A total of 40,289 new homes were completed in Q2 2022 – up by 16% – and 66,855 new home registrations were processed – up by 45%.
11 out of 12 UK regions saw growth in the number of new home completions, with the largest increases in the North East (1,781 in Q2 2022 vs 1,284 in Q2 2021) and East Midlands (4,117 in Q2 2022 vs 3,071 in Q2 2021).
Wales saw a slight decrease (1,183 in Q2 2022 vs 1,189 in Q2 2021).
New home completions were driven by the private sector
Growth in new home completions was driven by the private sector with 29,963 in Q2 2022, up 23% on Q2 2021.
New home completions in the affordable and build-to-rent sector were level with the same period last year at 10,326.
Reasons for the increase are partly due to builders looking to minimise the cost impact of energy efficiency regulations introduced in June.
The cost of living hasn’t affected consumer demand for new homes
NHBC chief executive Steve Wood said: “Our latest figures demonstrate that output from the new homes market has made a solid return to pre-pandemic levels.
“At this stage we are not seeing evidence that the cost-of-living crisis or risks of recession are affecting consumer demand, whilst registration levels reinforce continued confidence within the sector.”
