20% drop in UK new home registrations in Q1 2024 due to rising mortgage rates and adverse weather.
New home registrations fell by 20% in the UK's first quarter of 2024, with the National House Building Council (NHBC) reporting 21,967 new homes planned for construction. The NHBC attributes the decline to rising mortgage rates and wet weather negatively impacting house building output, but anticipates growth in the second half of the year as economic conditions improve. New home completions in Q1 2024 were 26,240, a 13% decrease from the first quarter of 2023.
May 13, 2024
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