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Home completions return to pre-pandemic levels

10 Aug 22 Latest data from the National House Building Council (NHBC) reveals that new home completions have returned to pre-pandemic levels.

A total of 40,289 new homes with NHBC warranties were completed in the second quarter 2022, up 16% on the same period in 2021.

(NHBC provides warranties to about 75% (+/-5%) of the house-building market.)

The second quarter, April-June, also saw a 45% increase in the number of new home registrations – the process by which house builders register plots they intend to build with NHBC – to 66,855.

This spike is in part due to builders seeking to minimise the cost impact of energy efficiency regulations introduced in June.

All 12 UK regions saw growth in the number of new home completions in Q2 except for Wales, where they dipped 1%. The largest increases were in the Northeast (up 39% to 1,781) and East Midlands (up 34% to 4,117).

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.

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.”

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