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The new homes demand index, out today from SmartNewHomes, shows the average price homebuyers are prepared to pay for a newly built home is up again, by 1.3% to £224,554. London prices broke the £300,000 barrier for the first time, up 1.4% on the previous month and 15.6% in the last year.
The index is a monthly monitor of the state of demand for new homes in England and Wales. Based on enquiries recorded on the SmartNewHomes.com website, the index records the price people are willing to pay for a new home, by both region and type of property.
Although overall prices were up, they decreased slightly in the south west and only increased marginally in London and the south-east. However the prices in these areas are still the highest in the country.
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% change one month |
+1.3% |
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% change three months |
+4.2% |
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% change twelve months |
+8.5% |
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Average house price buyers are willing to pay (December 2003) |
£224,554 |
Apartments more popular than houses
New apartments have proved the most popular type of property for homebuyers, dominating 46% of searches at the expense of detached properties, down to 39%. Penthouse prices continue to soar, up 4.9% from November to £329,863.
Homebuyers leaving London and Midlands for life in the countryside
Large numbers of new homebuyers in London and the south-east continue to move to other regions, specifically the south-west and north. Both the West and East Midlands dipped in popularity.
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Demand type by property type |
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Sept 03 to Dec 03 |
Dec 02 to Dec 03 |
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Detached |
£279,892 |
2.6% |
10.0% |
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Semi-detached |
£163,945 |
4.6% |
15.4% |
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Townhouses |
£168,686 |
3.2% |
7.3% |
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Apartments |
£185,688 |
5.6% |
12.8% |
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Penthouses |
£329,863 |
17.5% |
52.8% |
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