NHBC data shows Brexit worries hit private market in the three months to September
Private housing starts were 16% down in the latest quarter on the same period last year, according to the latest figures from the NHBC.
The NHBC, which collects data on new home registrations when builders start work on scheme, said that just 27,916 homes were registered in July-September this year, 16% below the 33,110 registered in the same period last year.
The NHBC blamed the sharp fall in private housing starts on “Brexit uncertainties”, though it also comes amid wider political uncertainty and a weakening global economy.
In total, the number of registrations fell by 9% to 39,364, despite a sharp increase in affordbale housing starts. Affordable home registrations rose by 11% in the quarter to 11,448.
The NHBC said nine out of its 12 regions saw falls in output in the quarter, with only the West Midlands, East Midlands and Eastern regions bucking the trend.
The data follows monthly surveys from the RICS which indicate a slowing residential market and house price falls over the next three months. The latest house price data from the Halifax suggests prices are just 1.1% up on the same time last year, the lowest annual growth seen since April 2013.
NHBC Chief Executive Steve Wood said: “It is great to see the strength of the affordable and rental sectors, whilst we would hope that the slowdown in private sector registrations is transient, and a function of short-term Brexit uncertainties.”
“In any event, NHBC will continue to work with builders to raise standards and improve quality for homeowners.”
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