NHBC bonds / warranty / financial guarantees — sources

# NHBC bonds / warranty / financial guarantees — sources

Compiled: 2026-09-28 (Europe/London). Research of public NHBC and UK housebuilder disclosures for `/workspace/uk-housebuilders/data.json` names. Numbers are taken only from explicitly disclosed figures; none invented.

## Definitions (NHBC)

| Concept | What it is | Primary sources |
|--------|------------|-----------------|
| **Buildmark** | NHBC’s 10-year new-home warranty/insurance: insolvency/deposit cover pre-completion; ~2-year builder warranty (NHBC may step in); then ~8 years NHBC insurance for specified defects. | [NHBC Buildmark (homeowners)](https://www.nhbc.co.uk/homeowners/buildmark-cover); [Builder registration / FAQs](https://www.nhbc.co.uk/warranties/builder-registration) |
| **Road and Sewer Bonds** | Discretionary NHBC surety for roads, sewers and open spaces in favour of LAs/utilities; A1 premium rating; bond limits from homes registered over last four calendar years; Buildmark registration of homes on site required. | [NHBC Road and Sewer Bonds](https://www.nhbc.co.uk/warranties/road-sewer-bonds); [Guidance notes PDF](https://www.nhbc.co.uk/kontentdocuments/5dcc1cdc-d945-48e4-9734-9a832f56ec94/Road%20and%20Sewer%20bonds%20guidance%20notes%20%282%29.pdf) |
| **Registration security / “NHBC bond” (broker usage)** | NHBC Rules allow Conditions requiring security (bank/insurer bond, director/shareholder guarantees, etc.) against Buildmark and surety liabilities; brokers market third-party “NHBC bonds” as an alternative to cash security. Distinct from Road and Sewer Bonds. | [NHBC Rules (from 23 Dec 2024)](https://assets-eu-01.kc-usercontent.com/b723cf1a-4431-01a8-d7d9-e86d570da038/cc7cfb36-13cd-4abb-9880-676472dd65db/nhbc-rules.pdf) (Rules 5, 29); e.g. [Nationwide Sureties NHBC Bond](https://nhbcbonds.co.uk/) |
| **Company “performance bonds / financial guarantees”** | Statutory-account contingent-liability / off-balance headings that typically bundle road/sewer, section 106, JV and other sureties—**rarely** broken out as NHBC-only. | Individual company ARs below |

**Distinction:** Building-safety / cladding / Self-Remediation Term **provisions** (on-balance remediation estimates) are **not** NHBC Buildmark warranty bonds.

## Industry / NHBC financials

| Item | Figure / note | Period | Source |
|------|-------------|--------|--------|
| Plot registrations | 113,326 (prior: 111,934) | YE 31 Mar 2026 | [NHBC SFCR 2026](https://assets-eu-01.kc-usercontent.com/b723cf1a-4431-01a8-d7d9-e86d570da038/9de5f82c-8079-449a-9a0d-5cb0c5c1ec09/SFCR%20Report-2526.pdf) |
| Gross written premium | £171.7m | YE 31 Mar 2026 | Same SFCR |
| Credit & Suretyship net written premiums | £33.7m (includes deposit/insolvency cover **and** Road and Sewer Bond fees—not outstanding bond face) | YE 31 Mar 2026 | Same SFCR §A.2.1 |
| Aggregate outstanding Road/Sewer bond face | **Not disclosed** in SFCR/ARA reviewed | — | NHBC SFCR 2026; [ARA listing](https://www.nhbc.co.uk/about/annual-reports) |

Also used: [NHBC ARA 2025/26](https://www.nhbc.co.uk/kontentdocuments/817666ae-4069-4c4d-a849-6b52f3c4c138/ARA%20Report-2526.pdf) (premiums / registration narrative).

## Company disclosures (numeric first)

Sorted by disclosed £m descending. Labels clarify NHBC-specific vs broader.

| Company | £m | Label | Period end | Source |
|---------|-----|-------|------------|--------|
| Barratt Redrow | **626.8** | Performance bonds & financial guarantees (counter-indemnities); not NHBC-labelled. JV counter-indemnities separately **£11.9m**. Building-safety provision £886.4m excluded. | 2025-06-29 | [AR 2025 PDF](https://www.barrattredrow.co.uk/~/media/Files/B/Barratt-Developments-V2/documents/annual-report-2025/barratt-redrow-plc-annual-report-and-accounts-2025.pdf) Note 29; also summarised at [accountsexamples extract](https://accountsexamples.com/ifrs-16-description-of-effects-of-future-adoption-of-new-standard-with-quantification/) |
| MJ Gleeson | **64.5** | Bonds and securities from financial institutions (£64.503m; 2024: £57.017m) | 2025-06-30 | [AR 2025](https://www.mjgleesonplc.com/media/11xbnc3y/mj-gleeson-ar-2025.pdf) Note 22 |
| Berkeley Group | **23.9** | Performance agreements guaranteed by third parties (2024: £24.5m) | 2025-04-30 | [AR 2025](https://www.berkeleygroup.co.uk/-/media/migration/berkeley-group/about-us/investors/annual-report/annual-report-2025.ashx) Note 2.22 |
| Keepmoat Homes | **13.8** | Performance bonds / counter-indemnities (2024: £14.7m). FY2022 had performance guarantees £32.1m. | 2025-10-31 | [AR 2025 p.123](https://brochures.keepmoat.com/keepmoat-annual-report-2025/71117995/123); [AR 2022 contingent](https://brochures.keepmoat.com/keepmoat-annual-report-amp-financial-statements-2022/67993174/133) |
| Miller Homes | **6.8** | RCF non-cash ancillary facilities (LoCs on St Modwen performance bonds)—not full Group bond face | 2026-06-30 | [QFR to 30 Jun 2026](https://www.millerhomes.co.uk/-/media/corporate/corporate-26/quarterly-financial-report-for-the-3-months-and-6-months-ended-30-june-2026.pdf) |

## Company disclosures (no £m / qualitative)

| Company | Finding | Source |
|---------|---------|--------|
| Taylor Wimpey | Guarantees & counter-indemnities for performance bonds; outflow remote; **no material contingent liabilities** quantified | [AR 2025](https://www.taylorwimpey.co.uk/-/twdxmedia/Files/Head-Office/Corporate/Annual-Reports/2025/Taylor-Wimpey-Annual-Report-and-Accounts-2025.pdf) Note 28 |
| Persimmon | Deferred payment guarantees & performance bonds in normal course; no £m; contingent note focuses on cladding | [AR 2025](https://www.persimmonhomes.com/corporate/media/t2ejxi3y/persimmon-plc-annual-report-2025.pdf) |
| Crest Nicholson | Performance bonds “impractical to quantify”; remote → not a contingent liability | [FY2025 prelims](https://corporate.crestnicholson.com/media/beyhyvyx/prelims-2025-for-website-final.pdf); [AR 2024](https://corporate.crestnicholson.com/media/zqmj55nb/crst-2024-annual-report-and-accounts.pdf) Note 25 |
| Bellway | Contingent liabilities = SRT/building safety; no bond £m | [AR 2025](https://cdn.bellway.co.uk/plc/private/reports-presentations/2025/bellway-plc-annual-report-and-accounts-2025-xpplgyjdllek.pdf) Note 24 |
| Vistry | Contingent liabilities = claims / building safety evolution; no bond £m in AR 2024 notes | [AR 2024](https://www.vistrygroup.co.uk/sites/vistrygroup/files/2025-04/ara-2024-25-all-spreads-v1.pdf) Note 28 |
| Bloor, Cala, Morris, Avant | No public quantified bond/guarantee note found | — |

## Output files

- `/workspace/uk-housebuilders/nhbc-bonds.json` — structured dataset
- This file — source URLs and methodology

## Counts

- **With numeric figures:** 5 (Barratt Redrow, MJ Gleeson, Berkeley, Keepmoat, Miller)
- **Gaps / null:** 9 (Avant, Bellway, Bloor, Cala, Crest, Morris, Persimmon, Taylor Wimpey, Vistry)