In the year to end May 2017 new build house prices rose on average by 5.4% across the UK which is marginally down on last year’s figure of 5.6%.
This figure is roughly in line with the Land Registry year on year figure (5.6% to April 2017), but slightly above other leading indices year on year figures (Nationwide 2.1% to May 2017, Halifax 3.3% to May 2017, LSL Acadata 3.3% to March 2017). The nature of new build housing makes price movements more difficult to track, but the slightly elevated figure could be a reflection of the relative scarcity of new build homes. If Greater London is taken out of the calculation and we take a crude average of the remaining regions, then the average house price growth is 4.3% compared to a figure of 4.0% last year.
As noted in previous months, the picture seems to be of a slowing market in Greater London and South East regions whilst outlying regions enjoy some limited house price growth.
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Note: This month’s figures are based on projected data, generated whilst work is being undertaken on the data collection system.