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.
Let my property online from
£99 inc VAT
Sell my property online from
£895 inc VAT