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.
