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New home registrations up 33% in Q3 but slowdown ahead, reports NHBC

New data released by NHBC shows that UK new home registrations increased by 33% in the third quarter of 2022 compared to the same period last year. A total of 44,729 new homes were registered to be built in Q3 2022 compared to 33,603 in Q3 2021. This is the highest Q3 figure since 2007, despite expectations that property sales will slow in the coming period due to higher mortgage rates and faltering consumer confidence. 

Private-for-sale registrations were up by 26% to 32,702. New home registrations rose for every house-type in Q3 2022 with a shift in mix back towards apartments with 9,006 registered in Q3 2022, up 114% on Q3 2021. 45% of all new apartments registered in Q3 2022 were in London. 

10 out of 12 regions experienced growth in registrations in Q3 2022 vs Q3 2021 with London, Scotland, Wales and West Midlands experiencing significant rises, due to lower levels in the previous year and the timing impact of some large site registrations. 

However, there were small dips in the South West and Northern Ireland with developers in these areas reporting a slight cooling of the market.

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