Prices on Newly Built Properties Rise by 3.2% in 2011
The latest research by Smart New Homes revealed that the asking price for newly built properties in the UK has risen by 1.2% in December 2011. On a quarterly basis, the price has increased by more than 2.6%, while on the annual basis the increase was even more significant at 3.2%.
By the end of the year, an average price of a new-build stood at 227,098 pounds, which is 7,000 more than at the same time in 2010.
Commenting on the findings, Steven Lees, director of Smart New Homes, the company that represents 85% of all newly built properties in the UK, said: "The new homes market outperformed the wider market in 2011 with research by Smart New Homes revealing that home owners now prefer properties with a contemporary design and which better cater to modern day needs."
He also highlighted that property remained affordable for most buyers as "house builders have maintained affordability for buyers by introducing a range of new mortgage products and the industry is currently working with the Government on its new mortgage indemnity product."