New build prices on the rise
New build house prices are rising higher than existing stock, new build specialist Stone Real Estate has revealed.
Between 2014 and 2019 new build prices rose by 27% compared to 22% for existing stock.
Michael Stone, founder and chief executive of Stone Real Estate, said: “While new build homes often come under fire due to the price premium involved, it’s abundantly clear that they have proven to be the best bricks and mortar investment option over the past 10 years when it comes to holding value.
“Despite the bumpy ride of Brexit uncertainty over the last few years, new build property values have increased in every region of the UK, while existing stock has failed to keep pace, or in some cases, even seen a decline.
“This is largely due to build quality and condition and with new builds you can be sure the property is modern, structurally sound and energy-efficient – all features a buyer will look for.”
New build prices have risen by 26.1% in the City of London compared to 13.6% for existing property.
In a decade analysis, new build prices rose by 46.9% between 2009 and 2019 compared to 41.5% with existing stock.
The biggest difference is reported for property in Scotland, where new build price growth was 25.4% between 2009 and 2019 compared to existing stock at 14.6%.
Since the EU Referendum vote in 2016 new build prices have risen by 9.9% compared to 6% for existing stock.