Price growth of new builds surge ahead of existing property

While the price of existing property has grown by an average of 4.5% since November 2016, the price of a new build property has surged 13.5%. New build property prices have risen 3.6% since October, while the prices of existing property have dipped 0.2%.

The average price of a new build property was £320,489 in November 2017, compared to an average price of £237,791 for an existing property.

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.

Overall, house prices have fallen by 0.5% since December 2017, according to Land Registry data. An annual price rise of 4.6% takes the average property value to £242,286

The most up-to-date HM Land Registry sales figures available for England show that the number of completed house sales in November 2017 fell by 13% to 64,454 compared with 74,097 in November 2016.

In London, the average price of a new build has risen 9.2% since November 2016 and now stands at £523,481, comared to a rise of 1% for existing property and an average price of £474,681.

HM Land Registry sales figures show that the number of completed house sales in London in November 2017 fell by 24.6% to 6,165, compared with 8,178 in November 2016.

The UK Property Transaction Statistics for January 2018 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater has fallen by 0.1% in the year to January 2018. Between December 2017 and January 2018, transactions increased by 1.3%.

Looking at the country and regional level, the largest annual price growth was recorded in Scotland and the East Midlands at 7.3%. The lowest annual growth was in the North East, where prices increased by 0.7% over the year, followed by London at 2.1%.

This is the 14th consecutive month where the annual growth in London has remained below the UK average.

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