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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.



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