By Daniel Hunter
The average house price of new build property in the UK has increased by 12 per cent over the past five years with the average price now at £233,822. This is 9 per cent higher than the UK average house price for all properties, according to analysis from Halifax.
Nationally, there has been an increase of 40 per cent, from £166,473 over the past 10 years. Regionally, the biggest rise in the past ten years has been in Greater London where the average price for a new home has risen by 57% to £415,540.
The north-south divide is as prevalent in the price of the new homes market as it is in the overall market. Over the past five years, more than half of UK regions saw the average price of new homes fall, with the north experiencing the greatest fall of 10 percent to an average of £157,190.
In 2012, flats (37%) were the most popular type of new property sold, followed by terraced homes (24%) and detached properties (23%). Yorkshire and the Humber had the greatest proportion of terraced properties sold (30%), with Greater London seeing the highest proportion of sales of new build flats in 2012 (88%).
“In a relatively flat housing market, the new homes market has changed enormously over the past five years. We have seen a lot of positive sentiment towards the new homes market, with various schemes launched to get the house building industry moving and changes in policies and deposit requirements allowing shared equity buyers to participate more fully in the new build market," Craig McKinlay, new mortgages director for Halifax said.
“We are continuing to increase the number of builders we are working with and it is a testament to our commitment to put the purchase of a new-build home back within the grasp of both first time buyers and homemovers.”
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