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Buyers to pay record prices for new homes

Wednesday, 15 February 2006 12:00 AM

The average price buyers are prepared to pay for a new home is at all-time highs, new data shows.

Demand price, defined as the amount homebuyers indicate they are willing to pay for a new home, has risen to £232,000.

It is 3.1 per cent higher than this time last year and 0.9 per cent higher than last month, according to SmartNewHomes.com.

David Bexon, managing director of SmartNewHomes.com said this is indicative of confidence returning to the housing market.

"These figures back up other industry reports on resale home prices and mortgage lending levels, combining to show that the housing market as a whole is picking up from a difficult year," he said.

The average price of a new home on the SmartNewHomes.com website also grew in January, by 0.1 per cent to £255,065. This is 0.3 per cent higher than three months ago, but 2.4 per cent down on a year ago.

Prices of new homes have grown fastest in Scotland over the last twelve months, rising by ten per cent. East Anglia, Greater London, Wales and the West Midlands have also seen growth, while the south-west, and north-west have experienced falls.

Apartments continue to dominate the market, accounting for 56.9 per cent of all new homes, compared to detached homes which account for 27.8 per cent.

"The only concern for the new homes market remains the surplus of new apartments which again hit a new high this month in comparison to the proportion of detached and semi-detached homes being built," Mr Bexon added.

"This remains an issue which is in the government's hands to resolve through allowing planning regulations to be more flexible in response to local criteria and demand."

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