industry news 9 NHBC
NHBC report increase in new home registrations
NEW DEVELOPMENT
Work starts on multi-million pound development in Selly Oak
way for the first phase of the development that kicks off the £100 million regeneration of the area. The regional builder started onsite following
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the completion of a landmark property deal that will not only provide much needed new homes but will also breathe economic life into the vil- lage and lay the foundations for a thriving new community in Selly Oak, Charles Church will invest £20 million in
the construction of 98 executive homes each built with a special arts and crafts theme and designed to reflect the local history and unique situation of the site. In addition to the new homes Charles Church will also create a new cricket pitch and pavilion. The village style setting will form the back drop
to the development that will be built around a beautifully landscaped green in-keeping with the development’s name, to be called The Oval. Andy Peters, managing director of Charles
Church South Midlands, said: “These are very exciting times for Selly Oak and we are investing £100 million into the regeneration of this iconic site, with around £20 million on this first phase.” “These new homes at The Oval will be avail-
able for purchase from November and we are already experiencing a high volume of enquiries even before a single brick has been laid.”
ousebuilder Charles Church South Midlands has broken ground on the former Selly Oak hospital site to make
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ommenting on the Bank of England Money & Credit Report, Mortgage Advice Bureau (MAB) Head of
Lending, Brian Murphy said: “One year after the Mortgage Market Review (MMR), Bank of England’s data suggests there is much greater confidence in the mortgage market, with all types of mortgage approvals during April consid- erably above the average for the previous six months. Total approvals are also up 9 per cent compared to last April, suggesting the market is adjusting back to normal now that the MMR has bedded in.” “Remortgage approvals have risen at twice the
rate of house purchase approvals over the past year, despite tougher affordability checks which some feared would imprison consumers in their existing deals. Falling mortgage rates have boosted demand in the remortgage sector, and there are significant savings to be had for borrow- ers moving away from their lender’s standard variable rate (SVR). “ “With the election clearly having little impact
on mortgage activity, the outlook for the rest of 2015 remains positive. Lenders have a healthy appetite for business, and affordability condi- tions are being helped by the low rate environment. However, today’s rock-bottom prices can’t last forever and it is likely we’ll see greater levels of mortgage activity as borrowers seek to lock into a preferable rate while they still can.”
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UK during the first three months of the year, an increase of 18 per cent on the same period last year. In total, 40,281 new homes (30,691 private sec-
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tor; 9,590 public sector) were registered, compared to 34,163 (24,428 private sector; 9,735 public sector) registered during Q1 last year. This represents a year-on-year 26 per cent
increase for the private sector, with the public sec- tor marginally down by one per cent. Figures for March show that 17,210 new houses were registered (12,699 private sector;
HBC new home building figures for Q1 2015 show that more than 40,000 new homes were registered in the
4,511 public sector), an increase of 32 per cent registered in the same month last year (13,068; 9,051 private sector; 4,017 public sector). Commenting on the latest registration statis-
tics, NHBC Chief Executive Mike Quinton said: “Our figures show an encouraging start to 2015 with new housing registrations up 18 per cent on the first quarter of last year. Housing growth levels remain strong across virtually every part of the UK. “However, we have made clear that the UK is
still building way below the volumes of homes that we need. NHBC looks forward to working with government to ensure that high quality new housing is a top priority.”
MORTGAGE ADVICE BUREAU
MAB comments on the Bank of England Money & Credit Report
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