New home registrations in the UK have decreased despite the lure of the NewBuy scheme.
According to figures from NHBC, registrations for new homes dropped by 24 per cent in the second quarter of this year compared to the same time last year.
This was not the only figure to decline for the quarter.
Following the contraction in quarter one, public sector registrations dropped a further 49 per cent when compared to the second quarter of 2012.
Wet weather and the added disruption of the Olympics may have dampened figures.
But the government’s NewBuy scheme, which offers high loan-to-value mortgages for the purchase of new homes, has done little to improve interest in the market and stop the contraction.
In the private sector registrations fell by ten per cent.
June’s figures were less than the same month last year while April and May managed to clock up marginally better registrations than 2011.
“As the year progresses we must hope to see a rebound in social housing numbers as providers adapt to new methods of funding,” Richard Tamayo, NHBC commercial director said.
“Hopefully the decline in private registrations witnessed in June will, in hindsight, prove to be a statistical blip in what will otherwise be a period of sustained, if modest, private sector volume growth throughout the year.”