We may crave character properties and love a period feature, but it seems that UK home buyers are happy to forgo these things for the benefits that a new build brings.
The price of new build properties is rising, with buyers now prepared to pay a premium of £50,000 to get their hands on a brand new home, according to the UK House Price Index.
The typical costs of a new build home soared 4.6% in April, compared with just a 0.3% rise for a ‘second hand’ home, hiking the average price to £354,604 nationally.
Growth has been at its strongest in the South, with values of new builds increasing by 14.5% in London, 13.6% in the East and 12.3% in the South East.
Much of the price hike is down to supply and demand, with buyers desperate to get their hands on the ‘box-fresh’ feeling of a new home, and in turn being prepared to pay a premium for the luxury. However, as building levels have struggled to increase since the economic crash, house builders have been unable to meet the demands of buyers.
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