Mortgage market pressures and wet weather drove a fall in new homes being built in the first quarter, new industry figures show.
The number of new homes registered for construction slumped by a fifth year on year to 21,967 in the three months to the end of March. The number of new properties that were completed also slid by 13 per cent to 26,240, according to the National House Building Council.
Steve Wood, the head of the council, which is the country’s biggest provider of new home warranties and insurance, said higher mortgage prices were partly to blame.
Mortgage costs have jumped in the past two years as the Bank of England has pushed through a rapid series of interest rate rises to bring down