UK House Prices: New Builds Increase Amidst Overall Dip

The latest data from the Office for National Statistics (ONS) indicates a slight decline in UK house prices over the past year, with a 0.2% decrease compared to the previous year.

However, between January and February, there was a modest increase of 0.4%, bringing the average house price to £281,262 in February 2024.

Interestingly, while overall house prices have dipped, new build properties have shown substantial price growth. According to ONS figures, new build properties have experienced a significant 16.4% increase in price compared to the previous year. This disparity suggests that while the broader housing market may be experiencing declines, the new build sector is thriving, potentially masking more significant price decreases in other segments of the market.