New UK home registrations increased by 33% in the third quarter of this year compared to the same period last year, the latest National House-Building Council (NHBC) data reveals.
A total of 44,729 new homes were registered to be built in Q3 this year compared to 33,603 in the same period last year.
This is the highest Q3 figure since 2007, despite expectations that property sales will slow in the coming period due to higher mortgage rates and faltering consumer confidence.
Private-for-sale registrations were up by 26% to 32,702 compared to 25,862 in Q3 last year.
The affordable and build-to-rent sector grew by 55%, up from 7,741 in the third quarter last year to 12,027 in Q3 2022.
New home registrations rose for every house type in Q3 2022 with a shift back towards apartments with 9,006 registered in Q3 2022, up 114% the same period in 2021.
Of this figure, 45% of all new apartments registered in Q3 this year were in London.
Meanwhile, 10 out of 12 regions experienced growth in registrations in Q3 2022 compared to the same period last year.
London, Scotland, Wales and West Midlands experienced significant rises, due to lower levels in the previous year and the timing impact of some large site registrations.
There were small dips in the South West and Northern Ireland with developers in these areas reporting a slight cooling of the market.
New home completions also increased from 32,100 in Q3 last year to 34,977 in the same period this year, despite some ongoing disruption in the supply chain.
NHBC chief executive Steve Wood says: “Despite prevailing conditions, the third quarter was a strong one for new home registrations. In part, this is the ‘bounce-back’ post the pandemic, but it also reflects a confidence that the underlying demand for new homes is holding across a range of tenures.”
“That said, housebuilders and new home buyers are becoming more cautious, especially in the face of higher costs of living and open questions about the nature and length of any recession in the UK. It seems likely that a slowdown is coming which will at least help ensure that homes continue to be built to the quality required.”