Home building down in Q1 but signs of growth – NHBC

New home registrations and completions continued to fall in the first quarter of 2024 against the previous year, but with registrations increasing monthly during the period, according to NHBC.

The new homes warranty and insurance provider cited prevailing economic conditions, skills shortages and the eighth wettest winter on record for the falls. For Q1 2024, it recorded 21,967 new home registrations, down 20% against Q1 2023.

Of these, 13,633 were for private homes, a 21% drop. Those for the rental and affordable homes sector - despite housebuilders’ focus on affordable housing in a difficult market – also fell by 19% to 8,334 registrations.

Nine out of 12 UK regions saw registration declines against Q1 2023. The biggest falls were in the East Midlands at -43%, Wales (also at -43%), and North West and Merseyside (-41%). Meanwhile, the three regions to experience rises were London (+2%), Scotland (+4%) and Northern Ireland and the Isle of Man (+23%).

Registrations fell for each house type during Q1 2024. Those for apartments recorded the lowest fall at -12%, thanks to the “relative strength” of the rental and affordable sector. There was a 26% decline in terraced property registrations, with …