The index tracks the location and price homebuyers are willing to pay for properties searched for on www.smartnewhomes.com. November figures show that buyers were willing to pay an average of £221,654 for a property, up 2.7% on October and an 11.6% increase compared to the previous year.
The greatest increases in price over the past year have been in Greater London (20.5%) and the North (16.4%). Sharp monthly increases in price were experienced in both the South West (5.1%) and Wales (6.45%).
Consistent Demand
As well as across all regions, the increase in demand was also consistent across property types. November saw a 10.71% increase in semi-detached properties. Penthouses have seen a strong recovery from slipping prices earlier in the year with buyers now willing to pay an average of £313,671.
London and South East Exodus Continues
The South West continues to be a popular location for those moving out of other areas, namely London and the South East. The West Midlands was the only other area experiencing a decrease in popularity.
David Bexon, Chief Executive, Smart New Homes comments: “The increased demand for new homes shows no signs of diminishing, with prospective buyers willing to pay an average of £22,991 more for a property than a year ago.
“Sustained low costs of borrowing, growing incomes, and the inherent desire to own a brand new home all point to fuller growth in 2004. We are convinced that new home demand growth will continue for the next 12 months.”
For further information on SmartNewHomes visit www.smartnewhomes.com or email: [email protected]
