Price of new builds up 8.5% since December 2016

According to Land Registry data, the price of new builds has risen 8.5% since December 2016, with the average price now standing at £307,378. On a monthly basis, prices rose 3.3% since November 2017.

However, figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.

In comparison, the price of existing property has risen on 4.6% since December 2016 and 0.5% since November 2017. The average price of existing property was £239,015 as at December 2017.

The February data shows:

• on average, house prices have fallen by 0.1% since January 2018;
• an annual price rise of 4.4%, which makes the average property in the UK valued at £225,047.

UK house prices grew by 4.4% in the year to February 2018, down from 4.7% in the year to January 2018.

In England, the February data shows on average, house prices have risen by 0.2% since January 2018. The annual price rise of 4.1% takes the average property value to £242,176.

The regional data for England indicates that:

• the North East experienced the greatest monthly price rise, up by 3.1%
• London saw the most significant monthly price fall, down by 2.1%
• London London shows, on average, house prices have fallen by 2.1% since January 2018. An annual price fall of 1% takes the average property value to £471,986.
• Wales Wales shows, on average, house prices have fallen by 0.4% since January 2018. An annual price rise of 4.8% takes the average property value to £152,891.