The latest data from the UK house pricing index has shown that property prices are still showing signs of growth – with new build homes being amongst the biggest movers. The data has revealed that new build properties have outperformed existing resold properties on both a monthly and an annual basis. New build prices increased significantly more than existing resold properties on average in London, Wales and England as a whole.
The latest data on the UK house price index has uncovered that the new build sector is vastly outperforming the resold property market in terms of growth in almost every measurable way. Prices for May increased by 5.4% in the new build market in England compared to just a 0.4% increase for resold properties. Since May 2021, the data shows that the average new build price has risen by 27.8% – significantly more than the 8.4% rise seen in existing properties. Similar trends were seen in London – as new builds saw a monthly increase of 4% compared to the 0.2% loss seen in resold properties in the capital. New builds in London increased 18.7% over the year.
It was a similar story in Wales, with new build prices increasing by 6.3% from April to May and a huge annual increase of 34.2% – compared to the respective growth rates for resold properties of 0.8% and 11.3%.