New Build Completions Tracker: How Many Homes Are Being Built and Where

National Completions Overview: The Numbers at a Glance

Let us start with the top-level figures. New build housing completions in England are measured by two primary sources: DLUHC's housing supply statistics (which capture all net additional dwellings, including conversions and changes of use) and NHBC completion data (which captures homes covered by NHBC warranty, representing approximately 80% of the new build market).

DLUHC Net Additional Dwellings (England)

The estimated 224,000 net additional dwellings for 2024/25 represents a 5.4% recovery from the trough of 212,600 in 2023/24, but remains 8.1% below the pre-pandemic peak of 243,770 in 2019/20 and — crucially — 25.3% below the government's 300,000-home target.

It is worth noting that net additional dwellings include not just new build completions but also conversions (office-to-residential, barn conversions, etc.) and changes of use under permitted development rights. Pure new build completions account for approximately 90% of net additions in most years.

NHBC Completion Data (UK-Wide)

NHBC data provides a more timely (quarterly) view and covers UK-wide completions rather than England alone:

The NHBC data confirms the recovery narrative: completions have turned the corner, rising 6.6% in the latest twelve months after two years of decline. However, they remain approximately 11.5% below the Q3 2022 level and 13.5% below the post-pandemic peak. The recovery in completions will naturally lag the recovery in registrations (since homes must be registered before they can be completed), and we would expect completions to continue improving through 2026 as the improving registration figures of 2024-2025 work through the pipeline.

Regional Completions: Where Are Homes Being Built?

The distribution of new build completions across the UK is highly uneven, shaped by planning policies, land availability, developer strategies, and local demand patterns. The following table presents NHBC completion data by region for the twelve months to Q3 2025:

NHBC Completions by Region (12 Months to Q3 2025)

Key Regional Observations

The regional data reveals several important patterns:

• London and the South East account for over a quarter of all completions (26.5% combined), reflecting these regions' concentration of population, employment, and development activity. London's share (13.4%) is actually lower than its share of England's population (approximately 16%), reflecting the particular challenges of building in the capital (land costs, planning complexity, building height restrictions).
• The North West has emerged as a major housebuilding region, with 14,000 completions giving it a 11.1% share — comparable to the South East. This reflects the enormous development activity in Greater Manchester, where the city centre apartment boom and suburban family housing estates are both contributing significant volumes. Lancashire, Cheshire, and Merseyside also have active markets.
• Growth rates are highest in the Midlands and North. The East Midlands (+8.6%), North West (+8.2%), West Midlands (+7.8%), and South West (+7.2%) are all seeing completions grow faster than the national average. London (+4.2%) and Scotland (+4.6%) are lagging, reflecting the particular challenges in those markets.
• The North East has the smallest output at just 5,200 completions (4.1% of the UK total). This is partly a reflection of lower population density and demand, but also reflects the viability challenges of building in an area where lower selling prices constrain developer margins.
• The affordable housing share varies significantly by region. In London, affordable/HA completions represent 34% of the total — the highest of any region — reflecting the capital's acute affordability crisis and the stronger Section 106 requirements applied by London boroughs. In the East Midlands, the affordable share is just 25%, the lowest of any region.

Starts vs Completions: Understanding the Pipeline

The relationship between housing starts (when construction begins) and completions (when homes are finished and ready for occupation) is a key indicator of the health of the construction pipeline. In a healthy market, starts consistently exceed completions by a modest margin, reflecting the normal work-in-progress of homes under construction at any given time.

Starts and Completions in England (Annual Data)

A critical observation is that completions exceeded starts in every year shown. This seems counterintuitive — how can more homes be completed than started? The answer lies in the conversion and change-of-use pipeline. DLUHC completions include homes created through the conversion of existing buildings (offices, pubs, agricultural buildings, etc.) and through changes of use under permitted development rights. These homes have no corresponding "start" in the traditional sense. Adjusting for this, the pure new build starts-to-completions pipeline is broadly balanced, with a healthy work-in-progress buffer.

The key concern is the absolute level of starts. At approximately 157,800 in 2024/25, starts are recovering but remain 11.5% below the 2021/22 level of 178,400. Since starts today become completions in 12-24 months, the current starts figure implies that completions in 2026/27 will likely remain below 220,000 in England — well short of the 300,000 target. Only a sustained increase in starts from current levels will translate into the higher completions numbers needed.

Seasonal Patterns in Construction

New build construction and completions follow predictable seasonal patterns that affect when homes are available to buyers:

Quarterly Completion Patterns (Typical Year)

The seasonal pattern has several practical implications for buyers:

• Q1 (winter) is typically the best time to negotiate. Completion volumes are lowest, sales offices are quieter, and developers may be more willing to offer incentives to maintain sales momentum through the slow period. If you are flexible on completion dates, winter viewings can yield the best deals.
• Q2 and Q3 see the most choice. The largest volume of homes reach completion in the spring and summer months, giving buyers the widest selection of ready-to-move-in properties. This is also when new phases of developments are most commonly launched.
• Q4 has a year-end dynamic. Developers often push hard to complete sales before their financial year-end, which for some is December and for others is June or March. This year-end pressure can create incentive opportunities for buyers who are ready to exchange and complete quickly.
• Off-plan purchases are largely season-independent. If you are buying before the home is built, the seasonality of completions is less relevant — though be aware that winter construction can sometimes lead to minor delays.

Major Developer Pipelines: What Is Coming Next?

The forward order books and land banks of major housebuilders provide the best available guide to the near-term supply pipeline. Based on the latest available trading updates and annual reports:

Developer Forward Indicators

Several observations from the pipeline data:

• Land banks are substantial. The major developers collectively hold land for approximately 400,000+ homes, providing several years of supply at current build rates. This means that the constraint on output is not land ownership but rather the pace at which developers choose to build out their sites, which is driven by sales rates and market conditions.
• Order books are healthy. Forward sales of £1.8-4.1 billion provide revenue visibility and suggest that current completion targets are achievable.
• Most developers are guiding for modest volume increases. Taken together, the major developers are planning to increase output by approximately 5-10% in their next financial year. This is positive but not transformative — it suggests the industry is recovering, not accelerating.
• Vistry's partnership model is growing fastest. With an order book of over 15,000 homes and guidance for 17,000-18,000 completions, Vistry is rapidly becoming one of the UK's largest housebuilders. Its partnership-focused model (working with housing associations and local authorities) may prove more resilient than pure private-sale developers if market conditions weaken.
• Berkeley's long land bank is a London special. Berkeley Group holds nearly 10 years of supply at current build rates, reflecting the complexity and long lead times of its London-focused, high-density developments. A single Berkeley scheme can take 5-10 years from acquisition to final completion.

Affordable Housing and Section 106 Delivery

Affordable housing completions are a critical component of the new build pipeline, yet they are often the first casualty when market conditions deteriorate. The latest data shows affordable completions recovering modestly but remaining below historic levels:

Affordable Housing Completions by Tenure Type (England)

The 19.7% decline in affordable completions over four years is deeply concerning. Shared ownership has been hit hardest (-25%), reflecting both weaker demand (higher interest rates make the combined mortgage-plus-rent cost less attractive) and the complexity of the leasehold reform agenda. Social rent — the most needed tenure for those on the lowest incomes — has also declined, from 7,400 to an estimated 6,600, despite a housing waiting list of 1.3 million households.

The Section 106 system, through which private developers are required to provide a proportion of affordable housing on their schemes, has been under particular strain. In 2024/25, approximately 32% of Section 106 sites were delivering fewer affordable homes than originally agreed in their planning permissions, with developers successfully arguing that changed market conditions made the full obligation unviable. This „viability challenge" process is legal but controversial, and effectively transfers the cost of market downturns from developer shareholders to communities that lose out on affordable housing.

For buyers interested in affordable new build options, including shared ownership and First Homes, our guide to affordable new build housing options covers the available schemes in detail.

Build-to-Rent: The Growing Sector

One of the most significant structural changes in the UK housing market over the past decade has been the emergence of the build-to-rent (BTR) sector — purpose-built rental housing, typically apartments, developed by institutional investors for long-term rental income rather than individual sale.

Build-to-Rent Pipeline (UK)

The BTR sector has continued to grow strongly, with the total pipeline (completed, under construction, and planning approved) reaching 227,400 homes — up nearly 12% year-on-year. Key features of the BTR market in 2026:

• Geographic concentration: The sector is heavily concentrated in large cities, with Manchester (the UK's largest BTR market), London, Birmingham, Leeds, and Liverpool accounting for approximately 70% of the pipeline.
• Product quality: BTR schemes typically offer higher specifications than traditional buy-to-let rental properties, including concierge services, gyms, co-working spaces, and professional on-site management. This has raised expectations for rental quality across the market.
• Rental levels: BTR rents tend to be 10-15% higher than equivalent private rented sector (PRS) properties, reflecting the enhanced amenities and services. However, the transparency, professionalism, and security of tenure offered by institutional landlords are valued by many tenants.
• Expanding to suburban: While early BTR was overwhelmingly city-centre apartments, the sector is now expanding into suburban single-family rental (SFR), with developers including Legal & General, PfP Capital, and Sigma Capital delivering suburban BTR estates.

For buyers rather than renters, the BTR sector is relevant because it diverts a proportion of new build output away from the for-sale market. In Manchester, for example, BTR accounts for approximately 25-30% of all new apartment completions — units that are not available for individual purchase. This can constrain buyer choice in certain locations and price points.

Specialist Housing: Student Accommodation and Retirement Living

Beyond mainstream residential development, two specialist sectors contribute significant numbers to the new build pipeline:

Purpose-Built Student Accommodation (PBSA)

• The UK has approximately 728,000 purpose-built student bed spaces, with around 28,000 new beds delivered in 2024/25.
• Major providers include Unite Students, CRM Students, and Fresh Student Living, with strong development pipelines in university cities including Bristol, Nottingham, Sheffield, Exeter, and Manchester.
• PBSA development is relevant to the wider housing market because it releases existing housing stock that would otherwise be occupied by students in shared houses — potentially freeing up family homes in areas near universities.

Retirement and Later-Living Housing

• The UK faces a significant shortfall in specialist housing for older people. The Associated Retirement Community Operators (ARCO) estimates that the UK has approximately 790,000 specialist retirement housing units, but needs approximately 30,000 new units per year to meet the needs of an ageing population. Actual delivery is around 7,000-8,000 units per year.
• Major developers in this sector include McCarthy Stone (the market leader), Churchill Retirement Living, Inspired Villages, and Audley Group. The sector typically offers apartments and bungalows with communal facilities, on-site management, and varying levels of care.
• For the wider housing market, retirement housing is significant because it can facilitate „last-time" moves, freeing up family-sized homes for younger buyers. Research by the NHBC Foundation found that each retirement home built releases an average of 2.6 existing homes into the market as the chain works its way down.

Regional Hotspots: Where the Most Homes Are Being Built

Drilling down from regional totals to specific local authority areas reveals where the most intense new build activity is concentrated. The following table shows the top 15 local authority areas by new build completions in the twelve months to Q3 2025:

The hotspot map is dominated by three types of location:

1. Major cities with high-density apartment development (Tower Hamlets, Manchester, Birmingham, Leeds, Salford, Newham, Wandsworth) — these areas are building thousands of apartments, many for the build-to-rent and investor markets.
2. Growth towns with large-scale housing allocations (Milton Keynes, Central Bedfordshire, Aylesbury Vale, South Cambridgeshire, Northampton, Chelmsford) — these areas have accepted significant housing growth in their local plans and are seeing large estates of family housing being developed.
3. Rural counties with distributed development (Wiltshire, Cornwall) — these areas have high total numbers because development is spread across many smaller sites in multiple towns and villages.

What the Pipeline Means for Buyers

Understanding the completions pipeline and regional distribution has direct practical implications for buyers:

If You Are Buying in a Hotspot Area

• You will have excellent choice. In areas with high completion volumes (such as Manchester, Milton Keynes, or Tower Hamlets), there are typically multiple developers offering a range of property types and price points. Take time to compare across developments — do not just visit the first show home you find.
• Competition for incentives works in your favour. When multiple developers are competing for buyers in the same area, they are more likely to offer competitive pricing and generous incentives. Use this to your advantage by obtaining quotes from several developers and letting each know you are considering alternatives.
• Be aware of saturation risk. In areas with very high completion volumes, there is a risk of temporary oversupply — particularly for apartments — which can depress short-term capital growth and rental yields. This is more relevant for investors than for owner-occupiers, but it is worth considering if you might need to sell within the first few years.
• New infrastructure benefits. High-development areas typically benefit from significant new infrastructure investment (roads, schools, public transport, shops, parks) that is funded by developer contributions. This can enhance the area's desirability over time.

If You Are Buying in a Low-Completion Area

• Choice will be more limited. In areas with fewer completions, you may have only one or two developments to choose from, with limited house types available. Be prepared to broaden your search area or consider off-plan purchasing to access upcoming phases.
• Less negotiating leverage. With fewer options, developers are under less competitive pressure and may be less willing to offer substantial incentives or price reductions. That said, there is always room for negotiation — never accept the first price without asking.
• Constrained supply supports values. The flip side of limited choice is that scarcity supports prices. New builds in areas with tight supply and strong demand tend to hold their value well and may appreciate faster than in oversupplied locations.
• Consider resale alternatives. If the new build options in your preferred area are limited or unappealing, it may be worth considering the resale market. A well-maintained period property in a sought-after location can be an excellent alternative to a new build in a less desirable spot.

Timing Your Purchase to the Pipeline

• Phase launches offer the best deals. When a new development or new phase is launched, developers are typically most eager to generate early sales momentum and may offer the most attractive pricing and incentive packages. Signing up to mailing lists for developments you are interested in ensures you are among the first to know about new releases.
• End-of-phase clearance. Conversely, when a development nears completion and the final few plots remain unsold, developers may offer discounts to clear remaining stock. These "last few remaining" opportunities can offer excellent value, though you will have limited choice of plot position and house type.
• Show home purchases. When a development reaches the final stages of sales, the show home itself may be offered for sale — often at a premium (reflecting its superior specification) but sometimes at a discount (reflecting that it has been used as a show home and is technically not "new"). Show homes can be excellent purchases if the specification appeals to you.

Looking Ahead: The 2026-2027 Pipeline

Based on current registration data, developer guidance, and starts trends, our assessment of the likely completions trajectory is as follows:

Our central expectation is for completions to continue their gradual recovery, reaching approximately 210,000-215,000 new build completions in England in 2025/26, translating to approximately 230,000-238,000 net additional dwellings including conversions and changes of use. By 2027/28, if current trends continue and improving market conditions encourage further volume increases, net additions could approach 250,000-260,000 — still short of the 300,000 target but representing meaningful progress.

The key variables that could push this estimate higher or lower include:

• Upside risks: Faster-than-expected rate cuts boosting demand; successful planning reforms accelerating permissions; a revival in SME builder activity.
• Downside risks: A global economic downturn dampening demand; sticky inflation delaying rate cuts; further increases in building costs squeezing developer margins; planning reform implementation delays.

We will continue to update this completions tracker on a quarterly basis as new data becomes available. For the broader market context, see our Winter 2026 Market Report, and for detailed pricing analysis, our regional price breakdown. For an in-depth look at the supply-side challenges, see our analysis of the housing supply crisis.

Data Sources

This tracker draws on the following sources:

• NHBC New Home Statistics Review: Quarterly data on registrations and completions by region and tenure, published by the National House Building Council.
• DLUHC Housing Supply: Net Additional Dwellings: Annual data on net housing supply in England, including new builds, conversions, changes of use, and demolitions.
• DLUHC House Building Statistics: Quarterly data on housing starts and completions in England by tenure.
• Developer Trading Updates: Interim and full-year results from publicly listed housebuilders, providing data on completions, order books, average selling prices, and forward guidance.
• British Property Federation (BPF) Build-to-Rent Map: Quarterly data on the BTR pipeline across the UK.
• ARCO and EAC Housing Care data: Information on the retirement and later-living housing pipeline.
• DLUHC Planning Application Statistics: Quarterly data on planning applications submitted, determined, and granted, by development type and local authority.

All data is the most recent available at the time of publication. Where exact figures are not available for the precise reference period, estimates are based on extrapolation of the most recent trends and are clearly marked as such.