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New build values on the rise

New build values on the rise

Category: Mortgages

Updated: 29/04/2013
First Published: 29/04/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The average value of a new build home has increased over the past five years by 12% to £233,822, according to research by the mortgage lender Halifax.

Prices of newly built homes are estimated to have soared by an impressive 40% over the past decade, as popularity among buyers for new builds has continued to prove strong.

Flats were the biggest selling type of new build property sold during last year, accounting for 37% of all transactions.

Interest from buyers for new build homes is set to continue as a result of the Government's New Buy scheme.

The initiative, launched in March 2013 as part of the coalition's drive to encourage activity in the housing market, is open to buyers of new build homes valued up to £500,000, and offers 95% loan-to-value mortgages with an indemnity mortgage guarantee, funded by the Government and building companies.

New mortgages director for Halifax, Craig McKinlay, said: "We have seen a lot of positive sentiment towards the new homes market, with various schemes launched to get the house building industry moving and changes in policies and deposit requirements allowing shared equity buyers to participate more fully in the new build market."

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