Figures from the first quarter of 2021 show there has been a bounce back in new home registrations. It’s positive news considering the tough year the country has had, as we ride through the impact of the pandemic. We look more closely at the registration figures and how home ownership continues to be a key life goal for many.
New home registration figures from the NHBC
The figures which come from the NHBC show the number of new homes registered in Q1, from January to March this year, were up 10% compared to the same period last year. This amounted to a total of 33,074 homes of which 26,985 were registrations in the private sector and also a 10% increase on the year previously. All regions in England with the exception of London and West Midlands saw an increase. Of course, last year and with the impact of Covid-19, the number of new home registrations fell across all regions. So, these latest figures for Q1 show there is confidence in the housebuilding market in this country. And one thing is certain, housing remains in big demand.
The types of new homes registered
What is interesting from the new NHBC data is the split between the types of homes registered. Of the 33,074 homes registered, the larger portion were detached homes at 12,583 with 11,199 being semi-detached. There were 7,022 apartments registered, which is a 21% drop compared to last year.
Following that there were 5,468 registrations for terraced homes and 591 for bungalows.
What is clear is that there is greater demand for larger homes, with more detached and semi-detached homes being built. The decrease in apartment registrations is a significant one, yet not all that surprising as trends point to more people looking to buy a larger property which offers more space. With less need to commute as home working becomes the norm, we are seeing people look to buy in areas they perhaps would not have considered before.
Housebuilding continues at pace
Talking about the new home registration figures, NHBC Senior Regional Director Paul Edwards said, “‘We simply cannot build quickly enough’ is a phrase we are frequently hearing. From rural developments to more central locations, sales remain positive and there is no apparent sign of a downturn in housing demands.” Since the first lockdown was lifted in June last year, housebuilding has been going at full pace. New builds are proving just as popular with buyers; many developments offer a good choice of sizeable properties for those keen on extra space. Plus, the stamp duty holiday and Help to Buy have helped boost the numbers buying new.
Home ownership ambitions
According to a recent survey from property management company Wayhome, home ownership remains a key life goal for the majority. The survey which was conducted by data group Censuswide questioned 1,000 private renters and 1,175 homeowners. When asked to rank their life goals, the majority of people (58%) chose home ownership. Getting married or entering a civil partnership came next at 49%, followed by having a child at 48%. The survey also showed the ambition to own a home increased with age.
Unfortunately, the reality of home ownership for younger people looks increasingly more difficult. The surge in house prices, the cost of living, and the government support due to come to an end soon might leave people stuck renting for longer than they hoped. It will be interesting to see how, alongside the increase in new homes being delivered, the younger generation can be supported onto the housing ladder in the next few years.
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