The new homes market saw annual price growth of 3.2% in 2011, which is the first calendar year to see positive growth since 2006. The average price of a new home is now £7,029 higher than at the end of 2010.
The average asking price for a new home in December was £227,098, increasing 1.2% since November. The last quarter of 2011 saw consecutive monthly increases with prices up 2.6% over the three months.
The new homes market continues to show increasing price stability, although the number of new homes coming onto the market fell consecutively in the three months to December as housebuilders delayed new development and phase launches until the New Year. Annual growth of 10.2%, however, was still recorded.
Trading updates from some of the UK’s biggest housebuilders show that build completions in 2011 were up year-on-year and many have grown their landbanks but it remains to be seen what impact the new Localism Bill and the NPPF will have on build capacity.
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