The price of new homes in the UK has risen by an average of just 0.1% over the past twelve months, according to research from SmartNewHomes.com.
The website’s latest New Homes Index found the South West of England saw the biggest growth in new home prices over the past year, while Greater London saw the largest price rises since October.
The November price index shows the average price of a newly built home was £260,882 in November, a rise of 0.8% since October.
The average price of a new home in November 2006 was just £207 less than in 2007, an annual rise of just 0.1%.
SmartNewHomes.com also claims flats and apartments are performing well, with prices rising 3.9% over the past month, despite a recent RICS survey suggesting there was an oversupply of flats in the market.
New home prices showed significant regional differences, with the largest monthly climb seen in London, where prices grew 14% between October and November. However, price falls earlier in the year meant London saw the biggest drop in new home prices over the past twelve months, down 8.2%.
The South West made the biggest annual gains, with prices rising 11.2% since November 2006, while the North West saw the biggest monthly decline, down 3.9% since October.
SmartNewHomes.com’s report says: “Key regions such as the south east and south west have recorded strong price growth, up 6.8% and 11.2% respectively on the previous year, while East Anglia and Wales have reported moderate growth of 3.7% and 4.4%. However, while much of the south has recorded strong price growth, London has seen prices fall during the same period, as more people migrate away from the capital.”
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