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New home registrations in London slump as UK booms

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The number of new homes registered in London has fallen by 16.2 per cent in the first half of the year, according to new figures

Figures released by the National House-Building Council (NHBC) show that registrations of new homes in London dropped from 15,088 in the first half of 2014 to 2,643 for the same period in 2015 (January to June).

The figures were the lowest for the capital since the first half of 2012, when just 7,631 homes were registered.

The drop in registrations in London masked a 12 per cent quarterly rise across the rest of the country with the total number of new-build registrations reached its highest number since the last quarter of 2007, standing at 41,268. The figures show that new home registrations have risen for six consecutive quarters in a row and now stand 256 per cent higher than the 16,102 during the height of the financial crisis in Q4 of 2008.

The growth in registrations has been spurred on by other UK regions in particular the Eastern which registered a 39 per cent rise to 8,640 and the West Midlands, which rose by 41 per cent to 7,848.

The independent body and home warranty provider said that figures for Q2 of 2015 showed 13 per cent rise in the number of affordable and social homes registered compared to the year before.

Speaking about the figures NHBC Mike Quinton said: ‘The registrations for London have certainly shown a levelling off in 2015 however this plateau is at high level.

‘Overall we are seeing that the number of home registrations are heading above the annual trend for the past four decades of 160,000.’

Other key figures:

More retirement homes were registered to be built in the UK in the first six months of this year than the whole of the previous year. Builders registered 2,337 properties specifically designed for the elderly in the first six months of 2015 - outstripping the total 1,919 which were registered for the whole of 2014.

In total, 41,268 new homes (30,462 private sector; 10,806 public sector) were registered, compared to 36,986 (27,388 private sector; 9,598 public sector) registered during Q2 last year.

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