As the market takes breath after the result of the referendum, LSL reports on the new build prices seen in May as Shaun Peart, Managing Director of LSL Land & New Homes explains:
“In the year to the end May 2016 new build prices rose on average by 5. 6% - around 1.5% below the 7.2% rate recorded to the end of June 2015 – but there continues to be a North / South divide, with crude average growth (excluding Greater London) now standing at 4.0% - down on last year’s figure of 5.0%.
Greater London has regained its lead over East Anglia with year on year growth of 8.1% (12.8% for year to end May 2015) although East Anglia and the South East continue to be close behind achieving growth rates of 7.1% and 7.3% respectively – both, however, around 1% below the rates that they were achieving last year. The East Midlands and South West take the fourth and fifth positions in the regional rankings with both having a year on year growth rate of 5.8%.
The North West is the best performing Northern region with year on year growth of 4.1% which is around 1% up on last year’s figure.
Year on year house price growth in the other Northern regions is more subdued and generally down on last year’s figures, although still in positive territory. Year on year growth in the North East is weakest, at just 0.2%, with the West Midlands showing the strongest growth at 3%...
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