UK new homes see annual growth of 3.2% in 2011

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.

Commenting on the data, Steven Lees, Director of SmartNewHomes, said: “Unwavering buyer demand in the run-up to Christmas and more readily available finance, particularly for first time buyers, meant that the new homes market recorded a robust level of growth last year, reversing the trend for annual price falls seen at the end of each calendar year since 2006.

“The new homes market outperformed the wider market in 2011 with our research revealing that homeowners now prefer properties with a contemporary design and which better cater to modern-day needs.

“Although prices have increased, 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 to be unveiled this year.”


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