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New homes in London are almost £54,000 higher than three months ago

Thursday 28th February 2008

In spite of a drop in price in January, where the average price of a new home in London was down 2.1% on December, the average price over the last three months has in fact risen by 21.6%.

According to the SmartNewHomes.com monthly index, the average price of a new home in London in December was £411,981, £53,801 higher than three months ago in October.

Graph 1: Average New Home Price

Graph 2: Average Price by region

David Bexon, Managing Director of SmartNewHomes.com said: “Our index shows that the price of a new home in London has increased dramatically over the last three month period proving that this area remains competitive and is developing a strong resilience. Demand is still strong among the capital’s buyers, many of whom are in full employment and have considerable equity in their existing properties.

“While much of the UK recorded a fall in the last three months, London was the only region to see such huge increases. East Anglia and Yorkshire & Humberside saw marginal price increases of 0.6% and 3.5% respectively. London increasingly is a market of its own. Prices leaping from £358,180 in October to £411,981 in December is the biggest quarterly increase we have seen in the last two years.”

For more information and to search the database of new homes visit: www.smartnewhomes.com

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