New home completions rise by 16% to pre-pandemic levels in Q2

New home completions have returned to pre-pandemic levels in Q2 2022, reveals the latest data from NHBC.

According to the council’s most recent new build statistics, 40,289 new homes were completed in Q2 — 16% higher than the same period last year.

Of the total, 29,963 were completed in the private sector (23% up on Q2 2021), while the remaining were in the affordable and BTR market (level with the same quarter last year).

Regionally, 11 out of the 12 UK areas saw growth in the number of new home completions, with the largest increases in the North East (39% rise to 1,781 homes) and East Midlands (34% increase to 4,117 homes).

Only Wales saw a slight decrease (1,183 in Q2 2022 vs 1,189 in Q2 2021).

The quarter also saw a rise in the number of new home registrations — the process through which housebuilders register plots they intend to build with NHBC — to 66,855, up by 45%.

Commenting on the latest data, Steve Wood, chief executive at NHBC, 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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