New homes registered for construction hits highest level in years

The number of new homes registered for construction in Britain has risen to its highest level since the financial crisis, according to the latest statistics by the National House Building Council (NHBC).

22/08/2016 - General

A total of 41,222 new homes have been registered in the second quarter of 2016 – making it the strongest quarter since 2007.

Another report shows that the number of first-time buyers has increased rapidly, with an estimated 154,000 entering the market in the first half of 2016, marking a ten per cent increase compared with the same period a year earlier.

The figures clearly show that first-time buyers are making the most of ideal buying conditions to get their first step on the housing ladder, with homebuilders rising to the challenge and increasing their outputs across the country.

Our Regional Chairman, Gary Crisp said: “We have seen a marked increase in first-time buyers over the last year, with the Help to Buy incentive being a particularly strong driver for those looking to get onto the housing ladder.

“Concerns about the housing industry going into the EU referendum have not impacted the second quarter of 2016, which confirms the strength of the market and the determination of first-time buyers to make the most of great market conditions to buy a home. 

“The increase in the use of government schemes like Help to Buy, coupled with falling mortgage rates, means it makes financial sense to buy rather than rent a house – where prices are rising.

“We will continue to do what we do best and build in carefully selected quality locations to deliver much needed new homes. We are looking forward to seeing what progress the next quarter shows.”

The Help to Buy scheme, which was introduced back in 2013, has had over 81,000 users and allows first-time buyers to put down a five per cent deposit on a home, with a 75 per cent mortgage and the remaining 20 per cent paid as an equity loan, which remains interest free for five years.