In the year to end October 2016 new build house prices rose on average by 6.2% across the UK, according to the LSL New Build Index. This is slightly down on last year’s figure of 6.4%. However, if Greater London is taken out of the calculation and we take a crude average of the remaining regions, the average house price growth is 4.6% compared to a figure of 4.1% last year.
Prices in Greater London as a whole have stabilised over the past year and stand at 8.9% for the year to October 2016. The South East, South West, East Midlands and East Anglia are all showing healthy growth at or above 6%. Price growth appears to be particularly strong in the South West over the past year, whilst East Anglia has fallen from the second highest region for price growth last October to h place this October.
Price growth in the North West and Scotland has increased to 4.4% in the year to end October 2016, whilst growth in Wales, West Midlands and Yorkshire and the Humber remains at a more sedate 2 to 3%. Once again the North East is at the back of the field with price growth approaching just 1%, but remaining in positive territory.