#12406
Re: Burbuja inmobiliaria de la A a la Z
UK housebuilding slumps amid high interest rates and wet weather
UK housebuilding activity tumbled in the first quarter of this year, new industry data shows, as high interest rates and wet weather hit the construction sector.
A total of 21,967 new homes were registered to be built in the first quarter of this year, the National House Building Council (NHBC) reports today, a 20% tumble on the 27,619 registered in Q1 2023.
The slump reflects ‘prevailing market conditions’, says Steve Wood, CEO at NHBC, including the series of storms that dampened the UK this year.
Wood explains:
Rises in the Bank of England’s base rate have driven mortgage rates higher, leading to a drop in new home purchases and a slowdown in house price growth.
Prolonged wet weather has also hampered house building output in Q1, with the south of England experiencing its wettest February since 1836, according to the Met Office, and many parts of southern England recording well over twice the average rainfall.
Wood adds that house builders are “cautiously optimistic”, poinging out that registrations have increased month-on-month since January.
Last Friday’s GDP report showed that UK construction sector shrank by 0.9% in the first quarter of this year, lagging behind the wider economy which grew by 0.6%.
