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New-Build Property Prices Growing Significantly Faster Than Older Properties

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    House Prices Edge Up 2.7% Year-on-Year

    The latest government figures reveal that UK house prices increased by 2.7% annually in June 2024 to reach an average of £288,000, which is around £8,000 in cash terms.

    This rate of yearly growth is unchanged from the previous month (revised estimate), and it represents the fourth consecutive month of annual price increases. This follows eight months of slight dips, showing a return to stability and growth after a challenging market last year.

    The monthly price change also shows a marginal growth of 0.5%.

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      Northern Regions Still Recording Stronger Growth

      The north-south divide continues when it comes to property price growth. Markets in northern regions are still outperforming southern ones.

      London had the lowest annual growth in the country with a 0.6% year-on-year increase, while northern English regions such as the North East and North West had more robust growth, 4.2% and 3.7%, respectively.

      Investors in buy-to-let property are increasingly drawn to other regions apart from property investment in London due to the expensive property prices and stalling growth.

      In particular, many investors are turning their attention to the North, where there is high demand and property is generally much cheaper, leading to higher rental yields.

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      New-Build Average Prices Grew 17.3% Compared to 0.4% For Older Properties

      The official data also shows that average new-build property prices are growing at a much faster rate than older, resold properties.

      According to the ONS, the average price of a new-build in April 2024 was £398,520, and an existing, resold property was £276,898. For new-builds, this has been recorded as a monthly percentage change of 4.4% and an annual change of 17.3%. Existing resold properties typically saw a 0.4% month-on-month increase and a 0.4% yearly growth.

      According to a recent sentiment survey from Knight Frank, interest in new-build properties is growing. A fifth of surveyed buyers said they were looking for a new-build home, up from 13% three years previously. Increased demand seems to be affecting average price growth in the sector.

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      Manchester
      West One, Manchester
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      £204,950

      • 6% Projected NET Rental Returns
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      Liverpool
      The Gateway – Tribeca Tower, Liverpool
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      Liverpool
      Maritime View, Liverpool
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      • Stunning Waterfront Bronze Tower
      • 6% Assured NET Rental Returns
      • Panoramic Albert Dock Views
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      Manchester
      Embankment Exchange, Manchester
      Prices from

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      • Location Icon Prime M3 City Centre
      • Up to £20k Discount for Cash Buyers
      • UK Award-Winning Development
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      Luton
      The Hive, Luton
      Prices from

      £239,950

      • Amazing Payment Plan - Just £5k Reservation Fee, 10% on Exchange, and 90% on Completion
      • Huge Savings on London Property
      • Major Regeneration Zone
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      Prices from

      £239,950

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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        It will be my third investment apartment with RW Invest and I cannot recommend them highly enough. Sean Orrett and Chloe Walker really do go the extra mile. Chloe in particular helped me through a particularly hard time with solicitors and all the paperwork that was involved. Living in a different country and negotiating all the nuances that come with investing, she negotiated with ease and gusto. A big thanks to you both.

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        Market & Investment Trends, New-Build Investment, UK