Housebuilders cut new housing to prop up prices.

The National House Building Council (NHBC) provides new home warranties and insurance and covers between 70 and 80% of all new homes built in the UK. The NHBC reports that the number of new homes registered fell by 53 per cent in the third quarter of this year compared to the same three-month period in 2022. 20,680 new homes were registered in Q3 2023, compared with 44,153 in Q3 2022.

Anthony Codling, head of European housing and building materials research at RBC Capital Markets, explains 'The number of new build homes for sale and the number of sites coming soon is falling as housebuilders slow build to protect price.  We believe this is a function of the weaker sales market - housebuilders will work to limit homes coming to market to prevent a supply glut if demand is weak.'

Source: This is Money

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