The average price of a new home in April was £226,859, up 3.2% from a year ago but down 1.9% compared with March and down 0.9% on a quarterly basis, the data from SmartNewHomes shows.
Overall a new home compared with the wider market costs £16,878 less. But there is some regional variation in price depending on location.
In Greater London the average price of a new home is £359,804, down 3.5% compared with March but up 3.2% on a quarterly basis and up 7.2% on an annual basis. In the South East as a whole the average price is £266.707, up 0.3% compared with March and up quarterly by 2.9% and annually by 1.4%.
In East Anglia prices are rising, up 3.6% compared with March but down 0.2% quarterly and down 3.6% annually, taking the average price of a new home to £213,143. It is a similar picture in the West Midlands where the price is up 0.4% monthly but down 4.3% quarterly and down 5.9% on an annual basis, taking the average price to £159,445.
The South West is also seeing the price of new homes rise. The average price in April was £215,962, up 1.3% compared with March, up 0.5% quarterly, but down 8% on an annual basis.
Scotland is also seeing positive price growth. The average price in April was £231,012, up 4.9% on March, down 1.3% quarterly but up 2.9% compared with a year ago. Wales is also seeing positive growth, but a bit slower. The average price is 184,505, up 0.7% on March, up 0.4% on a quarterly basis and up 1.2% annually.
The North West is the poorest performing region for new homes. Average prices in April were £167,352, down 0.1% compared with March, down 4.4% quarterly and down 6.1% compared to a year ago.
‘New home prices paused for breath in April, slipping back from a 42 month high in March as less than optimistic economic forecasts and the ongoing trouble in the Eurozone curbed buyer activity,’ said Steven Lees, Director of SmartNewHomes.
‘Buyers will be buoyed by the news that the number of new homes currently available to buy has doubled in the last year but the government and industry should not rest on its laurels,’ he explained.
‘This is from an extremely low base and, as acknowledged by the Housing Minister Grant Shapps, we are still a long way from building the thousands of extra new homes needed each year to meet the UK’s housing demand,’ he added.
Annual growth in new homes added stood at 97% in April, bringing good news for buyers. However, the Department for Communities and Local Government (DCLG) has reported that housing starts in the first three months of the year were down 11% compared to the end of last year, meaning stock availability is likely to contract again towards the end of the year.