In England, ONS data shows that, on average, new build property prices have fallen 2.1% since August 2018, but risen 3.7% since September 2017. The average price of a new build now stands at £305,763. Overall, house prices in England have fallen by 0.1% since October 2018. The annual price rise of 2.6% takes the average property value to £247,430. The regional data for England indicates that: London saw the largest annual price fall, down by 0.7%. The price of new build properties has fallen even further since August 2018. The average new build in London now costs £488,763, down 3.9% since August 2018 and 0.9% since September 2017. Overall, London house prices have fallen by 1.2% since October 2018, taking the average property value down to £472,901. Dilpreet Bhagrath, Mortgage Expert at Trussle, commented: “Some may be surprised to see a rise in house price growth, albeit very modest, however the reality is that the ongoing chronic under-supply of housing is driving prices up ever so slightly. “With the current uncertainty caused by Brexit, many sellers are reluctant to put their homes on the market, adopting a ‘wait and see’ approach which only continues to exacerbate the under-supply issue in the housing market. “However, buyers, who are able to navigate the current market and are ready to purchase, are unlikely to be put off by this slight rise in house prices. For those first-time buyers who are worried about the current market uncertainty, opting in for a fixed rate mortgage deal will ensure you know how much you’re paying for your mortgage each month and avoid any instability over the coming months. Other factors should also be considered when determining the right mortgage deal for you, including both your current circumstances and future plans.” John Goodall, CEO and co-founder of buy-to-let specialist Landbay, added, “These figures are likely to be a slight reprieve for ‘Brexit-ed’ out homeowners, unable to face more uncertainty-linked price turbulence. Looking into the detail, rising prices in the north have helped bridge some of the gap between those in London. Homeowners in the capital have been impacted by the upper stamp duty threshold, limiting their ability to move. “There’s no escaping the fact that confidence in the market is low, bogged down by Brexit and economic uncertainty. However, these figures point to an opportunity for those in a position to buy. The combination of low prices, solid wage growth and attractive borrowing costs often proves to be too difficult to resist.” Did you like this? Share it:
Average new build property prices in England have risen 3.7% since September 2017, but since August 2018 they've fallen 2.1%, according to figures from the Office of National Statistics. Overall prices in England have slipped 0.1% since October. London, where the cost of an average new build is £628,629 ($488,763), experienced the most significant annual drop – 0.7% – , down 3.9% since August. Analysts said an increase in the upper stamp duty threshold had prevented people in London from moving while other homeowners were adopting a wait-and-see policy amid Brexit uncertainty.