In the year to end March 2017 new build house prices rose on average by 5.7% across the UK, which is down on last year’s figure of 7.0%, according to the LSL New Build Index.
Greater London has seen its third month of decline, during which time it has seen a fall of 2% in its year-on-year growth rate.
In contrast the North is continuing to see a steady uplift in its year on year growth rate which now stands at 3.5%, up from 2.4% in the same month last year. “Although price rises are not as dramatic as in previous cycles, it is a clear sign of a healthy market where demand is gently outstripping supply,” LSL Land & New Homes said.
The general picture for the South (excluding Greater London) is one where growth is averaging 6% and has been for around two years, following a period when it too was in the 2% to 3% bracket.
Following the recalibration, Greater London has moved down to fourth position in the new build house price growth table, although the four regions in the South East of the UK
are the best performing.
The South East (8%), East Anglia (7.6%) and East Midlands (7.9%) are seeing the strongest year on year growth, with Greater London registering 7.4%. Of the remaining regions, the North West is best performing with growth at 5.9% and with weakest growth in any region now at a respectable 1.7%.