Positive signs for housing shortgage
The NHBC reported that there were 16,821 applications to start new homes in the UK made in May. The increase in applications came mainly from the private sector with 15,258 starts, a 27 percent increase on May 2001. This was boosted by the 1,563 UK housing association applications, which was a 13 per cent increase on May of the previous year.
Imtiaz Farookhi, chief executive of NHBC, said: “NHBC May 2002 registrations are up by 26 per cent on May 2001 and cumulative registrations in the first five months of 2002 are showing an 18 per cent improvement on the same period in 2001. The most activity appears to have taken place in the counties of the South East where registration figures have doubled when compared to May 2001.”
The group found that new build completions for both the public and private sectors were up five per cent on the same month last year, and an average of 605 new homes were sold each day during May 2002, 13 per cent higher than May 2001.