The Government report also reveals a significant difference in price inflation when comparing new-builds to existing resold properties. The annual price change for new-build properties is 13.1%, and older properties have experienced a marginal -0.1% price dip.
A substantial gap exists between the average prices recorded in March 2024. The average cost of a new-build was £383,796, and an existing property was £275,030, suggesting growing demand for new-build properties.
A recent survey from Knight Frank supports this. Analysis suggests that demand for new builds was up 13% compared to three years ago, and 60% of respondents stated that energy efficiency is a significant factor in this decision.