Latest data from National House Building Council (NHBC) reveal that current building volumes must double to meet Labour’s 1.5 million new homes pledge.
Figures released by the NHBC, the UK’s largest provider of new home warranties and insurance, show that 29,281 new homes were registered to be built in the second quarter (Q2) of 2024, down 23% on Q2 2023 (37,861).
There were 33,847 new homes completed in Q2 2024, which 6% down on Q2 2023 (36,145).
Quarter-on-quarter, NHBC’s new home registrations and completions are tracking positively – registrations are up 34% on Q1 and completions are 29% up. But while this growth is encouraging, the NHBC said, the present quarterly rate will still need to more than double to meet the government’s commitment.
NHBC chief executive Steve Wood said: “We welcome the new government’s policy to deliver 1.5 million homes over the next five years, even if our new build registration numbers show there is a mountain to climb.
“Scaling up will take time but we can be encouraged by the government’s announcements on new home-buyer incentives, changes to the planning system and investment in infrastructure, including power grids, water supply and roads.
“In addition, more must be done to close the national skills gap. With an ageing workforce, a lack of skilled workers could seriously slow down Labour’s plans. Working closely with builders, contractors and government agencies, NHBC is rolling out a national network of training hubs to help upskill the next generation.”
Got a story? Email news@theconstructionindex.co.uk
