<p><span>Private sector new home registrations dropped 51% in the second quarter of 2023 year-on-year according to NHBC’s latest data, in a reflection of prevailing economic conditions. </span><span></span></p> <p><span>In Q2 2023, 24,783 private sector homes were registered. The affordable and rental sector saw less of a decline during the quarter covering April, May and June with the effects of housebuilders making bulk sales to affordable housing. But registrations here were still 14% down on Q2 2022 at 13,261.</span><span></span></p> <p><span>Total new home registrations therefore fell </span><span>42% to 38,044. NHBC noted that changes to Building Regulations the previous year had “accelerated registration volumes”.</span></p> <p><span>Meanwhile, registrations in London during the latest period grew 9% against Q2 2022 to 4,405 new homes. NHBC said this may have been due to housebuilders’ larger focus on “alternative residential markets”, including build to rent.</span></p> <p><span>And private new home completions in Q2 2023 declined </span><span>18% to 24,746. </span><span>Completions under the affordable and rental sector rose </span><span>8% to </span><span class="A0"><span>11,190, </span></span><span class="A0"><span>with the private sector causing an overall decline of </span></span><span>11% </span><span>as mortgage rate increases impacted demand.</span><span></span></p> <p><span>While London’s new home registrations improved in Q2 2023, NHBC highlighted a “mixed picture” across the UK. Wales’ registrations lifted 1% against Q2 …