During Q2 2022, new home completions were up 16% against the same period a year earlier, marking a return to levels last seen before the pandemic, according to the latest data from NHBC.
NHBC data shows that completions of new homes totalled 40,289 during the period. The last time completions were above 40,000 according to the figures was in Q4 2019 when 42,354 new homes were completed.
During Q2 2022, registrations also increased 45%, totalling 66,855, compared to Q2 2021’s 46,217. NHBC said this increase was partly due to housebuilders wanting to beat the change in regulations in June “to minimise the cost impact”.
The private sector led the completions increase in Q2 2022, up 23% on Q2 2021 at 29,963 new homes. Meanwhile, completions in the affordable and Build to Rent sectors were the same year-on-year at 10,326.
Steve Wood, NHBC’s CEO, said: “Our latest figures demonstrate that output from the new homes market has made a solid return to pre-pandemic levels.
“At this stage, we are not seeing evidence that the cost-of-living crisis or risks of recession are affecting consumer demand, whilst registration levels reinforce continued confidence within the sector.”