Applications to start new homes on the decrease
Latest statistics revealed by the NHBC show that there were 37,839 applications aimed at starting new homes in the three months from January to March 2008 - a 30 per cent decrease on the same three month period a year ago. From that total, 29,137 related to private sector activity (i.e. excluding housing associations), illustrating a 34 per cent decrease on the same period in 2007. Thus there is a significant decrease in the number of applications from home builders to start building new homes.
Imtiaz Farookhi, NHBC Chief Executive, says: “The figures for the first quarter of this year clearly reflect a toughening market. The biggest decreases in new home starts were seen in Northern Ireland and the North East, where figures showed a year-on year decrease of 65 and 60 per cent respectively for the quarter.”
The total number of completions have also been on the decrease since January 2008. HNBC statistics for the first quarter of the year show a fall of 14% in number of completions when compared to the data from last year.