The NHBC statistics showed that 38,044 new homes were registered in Q2 2023, compared to 65,645 in Q2 2022 with private sector registrations falling by 51%, and affordable and BTR sector homes by 14%.

Across the UK, only Wales and London saw increases in registrations with Wales gaining 1% and London 9% — the North West saw the biggest decline with a 67% fall, the North East followed with 60% and East England at 56%.

Completions also decreased year-on-year from 40,464 to 35,936 and despite private sector completions falling from 30,064 to 24,746, affordable and BTR completions climbed from 10,400 to 11,190.

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Steve Wood, CEO at NHBC, commented: “With mortgage rates at a 15-year high, volumes of homes built for private sales have weakened, although this is partly offset by bulk sales into affordable housing markets.

“The government’s renewed focus on housing policy is welcomed, however a more favourable environment will be reliant on a fall in inflation, easing of mortgage rates, and action to address the key supply side constraints of planning and nutrient neutrality.”