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Official Figures Reveal 13.1% Annual Price Growth in New-Build Property Market

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    Average UK Property Price Up by 2.2% Year-on-Year

    According to just-published HM Land Registry figures, the property market is still showing signs of recovery with steady price growth.

    The latest UK House Price Index covers property price trends for May. It shows that prices have risen by 2.2% on a yearly basis, or £6000 in cash terms. This is up from a 1.3% yearly increase recorded in April.

    The monthly price change was 1.2%, and now the average price for a UK property stands at £285,000.

    This steady recovery is good news for those investing in buy-to-let and other types of real estate investment.

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      Market Activity Showing Signs of Recovery

      The report also includes data from the Royal Institution of Chartered Surveyors (RICS) showing an increase in the flow of news listings in May. Buyer demand dropped modestly, driven by a decline in buyer enquiries in the South East and South West of England.

      However, UK transactions increased by 2.4% compared to last month and 17.2% higher than May 2024.

      While the government figures pertain to May, other reports give more up-to-date information. For example, it seems these encouraging signs of improving activity levels are continuing with Rightmove’s House Price Index stating that the uncertainty of the General Election didn’t put off the majority of sellers and buyers in July, with 3% more new sellers annually and 15% more agreed sales.

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      Price Growth Data Suggests Demand for New-Build Properties

      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.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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        Market & Investment Trends, New-Build Investment, UK