UK New Home Registrations Stable in 2024 Amid Sectoral Variations
UK: The National House Building Council (NHBC) reported that 104,232 new homes were registered for construction in 2024, maintaining a level similar to 2023 figures of 105,071. However, total new home completions fell by 7 percent to 124,144 compared to 133,611 in 2023. Private sector registrations increased by 11 percent to 68,987, while registrations in the rental and affordable housing sector declined by 18 percent to 35,245 due to budget constraints linked to remediation costs. Regional trends varied, with seven out of 12 UK regions experiencing growth in registrations, particularly in Northwest & Merseyside (17 percent), West Midlands (16 percent), and Scotland (15 percent). In contrast, London saw a 48 percent drop, largely due to financial challenges for housing associations and costs related to building safety regulations.
Among property types, semi-detached homes recorded the highest registrations at 34,778, followed closely by detached homes at 34,706. While detached and semi-detached home registrations grew by 16 percent and 11 percent, respectively, apartments, bungalows, and terraced houses saw declines of 29 percent, 11 percent, and 10 percent. In terms of completions, 45,824 homes were delivered in the rental and affordable sector, marking a 2 percent decline from 2023 but still the second-highest figure recorded by NHBC. Private sector completions fell by 10 percent, with 78,320 homes confirmed as ready for occupancy compared to 87,069 in the previous year. NHBC highlighted government initiatives in infrastructure, planning reform, and skills development as positive steps toward improving housing sector conditions in 2025.
Source: NHBC