New build house prices rise by 12% over the past five years

The average house price of new build property in the UK has increased by 12% over the past five years with the average price now at £233,822. According to analysis from Halifax, this is 9% higher than the UK average house price for all properties. Nationally, there has been an increase of 40%, from £166,473 over the past 10 years. The biggest rise in the past ten years has been in Greater London where the average price for a new home has risen by 57% to £415,540. Craig McKinlay, new mortgages director for Halifax, said: “In a relatively flat housing market, the new homes market has changed enormously over the past five years. We have seen a lot of positive sentiment towards the new homes market.”  May 3, 2013