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PRS drives up new home registrations despite Brexit fears
The ongoing rise of the private rented sector has led to an overall increase in the number of new property registrations despite Brexit uncertainty, new figures show.
A total of 37,672 new homes were registered with the National House Building Council (NHBC) in the first quarter of this year – a 3% rise on the same period last year.
The figures came in the latest quarterly report for new build registrations with the NHBC, which is responsible for around 80% of new home warranties in the UK.
Registrations in the affordable and rental sector jumped 36%, offsetting a 6% fall in the private sector.
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Steve Wood, chief executive of the NHBC, said: “Although Brexit uncertainties are impacting consumer confidence and causing some dampening of new build and second-hand sale markets, housing remains an attractive asset class for inward investors, which does cause us to be more optimistic about build-to-rent.”
However, Mr Wood cautioned that the uptick in registrations year-on-year was partly due to a soft comparison as last year’s ‘Beast from the East’ weather phenomenon held up registrations and build rates.
On a regional level in England, London saw the biggest growth in registrations in this year’s first three months – up 58% to 5,625. The South East, the South West, the West Midlands, and Yorkshire and the Humber also reported rises in registrations.
The North East, the North West and Merseyside, the East Midlands, and the Eastern region saw falls.
Homes are registered with the NHBC up to three months before they start on site, meaning the figures are the earliest indicator for the health of the housebuilding market.
