New homes figures show quarter-on-quarter rise in building rates

Current housebuilding volumes would need to double for the new Labour government to meet its pledge to build 1.5 million homes in the next five years, according to new figures. 

The National House Building Council’s (NHBC) latest homes statistics revealed that 29,281 new homes were registered and 33,847 completed in Q2 2024. 

NHBC new home statistics

Source: NHBC

This marked a significant quarter-on-quarter uptick in both registrations and completions, which were up 34% and 29% respectively. 

But despite the increase, the NHBC estimated that the current quarterly rate of building would need to more than double to meet the new government’s targets. 

Steve Wood, chief executive at NHBC, said: “We welcome the new government’s policy to deliver 1.5 million homes over the next five years, even if our new build registration numbers show there is a mountain to climb.  

“Scaling up will take time but we can be encouraged by the government’s announcements on new home-buyer incentives, changes to the planning system and investment in infrastructure, including power grids, water supply and roads. 

>> Read more: Lack of skilled workers may be biggest barrier to Labour hitting 1.5m homes target, warns economist 

“In addition, more must be done to close the national skills gap. With an ageing workforce, a lack of skilled workers could seriously slow down Labour’s plans.” 

Year-on-year, building registration and completion rates were both down, by 23% and 6% respectively. In Q2 2023, 37,861 homes were registered and 33,847 completed. 

Across the UK, nine out of 12 regions saw a quarter-on-quarter rise in registrations in Q2 2024.