This site uses cookies; by continuing to use our site you agree to our use of cookies. More details in our privacy policy. Close

 

 

Regional influences help house prices 29 April 2013

New build house prices in the UK have increased 12% since 2007, with regional influences playing a significant role.

According to analysis from Halifax, the overall UK average house price for new build property is now £233,822.

Craig McKinlay, new mortgages director for Halifax said: “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.”

The UK’s North-South divide has again shown itself in the figures, with the greatest increase during 2007-2012 coming from Greater London and the South East.

New house build prices in Greater London have increased from £321,408 in 2007 to £415,540 in 2012, a 29% increase. Over a ten year period prices have risen 57% from £264,572 in 2002.

The South East saw a 17% increase from £248,897 to £292,316 over the five year period, and a 38% increase from £211,350 in 2002.

The north of England saw the greatest drop in new house build prices, with prices decreasing from £174,347 in 2007 to £157,190 in 2012 – a 10% decrease.

Between 2007 and 2012, over half of UK regions experienced a drop in new house build prices, compared to country-wide price increases between 2002 and 2012.

Only Greater London, the South East, the South West and East Anglia saw price increases for the five year period.

 

 

blog comments powered by Disqus