{"id":130361,"date":"2023-07-26T12:51:04","date_gmt":"2023-07-26T11:51:04","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=130361"},"modified":"2023-07-26T13:00:23","modified_gmt":"2023-07-26T12:00:23","slug":"new-home-registrations-fall-42-amid-regulation-changes-mortgage-increases","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/new-home-registrations-fall-42-amid-regulation-changes-mortgage-increases\/130361\/","title":{"rendered":"New home registrations fall by 42% amid regulation changes and mortgage increases\u00a0"},"content":{"rendered":"<h2><span data-contrast=\"auto\">New home registrations have declined by 42% in Q2 2023 compared to the same period last year, according to the National House Building Council (NHBC)<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">38,044 new homes were registered in the UK in April, May, and June. In comparison, there were 65,645 new home registrations in Q2 2022.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The fall in new home registrations has largely been attributed to changes in building regulations related to energy conservation. The rate of new home completions also fell in Q4 due to lower demand related to mortgage rate increases. \u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cIt is hardly surprising that consumer demand for new homes began easing in the second quarter. With mortgage rates at a 15-year high, volumes of homes built for private sales have weakened, although this is partly offset by bulk sales into affordable housing markets,\u201d said Steve Wood, CEO of NHBC.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3>New home registrations are lowest in Northern and Eastern regions<\/h3>\n<p><span data-contrast=\"auto\">Private sector registrations reached 24,783 (-51% compared to Q2 2022), while rental sector registrations ceased at 13,261 (-14% compared to Q2 2022). London saw a 9% increase, Wales 1%, but the <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/levelling-up-fund-disproport\" target=\"_blank\" rel=\"noopener\">North West, North East, and Eastern regions experienced significant declines<\/a> of -67%, -60%, and -56%, respectively.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The rise in London registrations arguably reflects a focus on alternative residential markets like build-to-rent.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The completion of new homes saw a lower overall decline. This fell by 11% from Q2 2022 to Q2 2023. New home completions in the private sector also fell by 18%. However, completion in the rental sector rose 8% compared to Q2 2022.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3>Changes are coming to the housing sector<\/h3>\n<p><span data-contrast=\"auto\">These figures reflect difficulties in the housing sector amid drastic government reforms in the housing and construction sector. The government recently announced its intention to <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/goves-plans-relax-planning-rules-mixed-response\/130248\/\" target=\"_blank\" rel=\"noopener\">ease planning rules<\/a> as part of its commitment to construct one million homes from 2019 to 2024.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">However, a recent report from the <a href=\"https:\/\/committees.parliament.uk\/committee\/17\/levelling-up-housing-and-communities-committee\" target=\"_blank\" rel=\"noopener\">Department for Levelling Up, Housing and Communities Committee<\/a> has argued that the government will not achieve its goal of delivering 300,000 net new homes annually by the mid-2020s.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cWhile new home registrations are down in Q2 2023, activity on site continues at a steady pace with builders focused on completing homes already in the pipeline,\u201d commented Wood.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThe increase in completions in the rental sector may signal a renewed focus on affordable housing, helping to address some of the underlying demand for new homes among those impacted by higher mortgage rates,\u201d he concluded.<\/span><\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>New home registrations have declined by 42% in Q2 2023 compared to the same period last year, according to the National House Building Council (NHBC).<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[997,908,572],"stakeholder_rel_tag":[172490],"contributor_rel_tag":[],"class_list":{"0":"post-130361","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-development","8":"tag-economy","9":"tag-housebuilding","10":"stakeholder_rel_tag-nhbc"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New home registrations fall by 42% amid regulation changes<\/title>\n<meta name=\"description\" content=\"New home registrations have declined by 42% in Q2 2023 compared to the same period last year, according to the NHBC\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/new-home-registrations-fall-42-amid-regulation-changes-mortgage-increases\/130361\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New home registrations fall by 42% amid regulation changes and mortgage increases\u00a0\" \/>\n<meta property=\"og:description\" content=\"New home registrations have declined by 42% in Q2 2023 compared to the same period last year, according to the National House Building Council (NHBC).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/new-home-registrations-fall-42-amid-regulation-changes-mortgage-increases\/130361\/\" \/>\n<meta property=\"og:site_name\" content=\"Planning, Building &amp; 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