LSL New Build Index August 2012, powered by e.surv Chartered Surveyors

Date:

Wednesday 8th August 2012

With new build news continuing to make the headlines the latest LSL Land & New Homes Index - exclusively revealed on whathouse.co.uk - takes a look at the regional picture and how average prices have changed in the last year, comparing the period July 2010 to June 2011 with July 2011 to June 2012.

James McAuley, director of LSL Land & New Homes, says: "With announcements being made by the Scottish Parliament about new housing projects; the Welsh assembly considering 95% new build mortgage schemes and RICS publishing guidance to support an increase in new build lending, it's clear that we're in an industry seen as vital to the housing market."

Most housing news revolves around the ongoing issue of mortgage availability and attempts to help those struggling to raise finance to buy. "It is this that is no doubt determining the varying regional prices our Index shows," says McAuley.

Overall average prices are largely in line with those reported in the last LSL New Build Index, with detached properties generally increasing across all regions apart from Yorkshire and the North East, where prices across nearly all property types have fallen.

Wales has also seen falls, but a notable increase in the price of terraced properties, indicating their growing popularity in the Principality. "Only time will tell if talks to introduce schemes in Wales - similar to NewBuy - will have any impact on this," says McAuley.

LSL New Build Index August 2012On the positive side Scotland continues to see average prices increase and, again, a notable rise in the price of terraced properties - 11.2% up on the same period last year.

"We can only presume that the introduction of the New Supply Shared Equity with Developers Scheme will provide even greater reassurance for the future, not only for developers, but also, of course, for buyers."

There's good news too in East Anglia and the West Midlands where average prices continue to rise across all property types. In addition flats in the South West and terraces in the South East are also reporting increased prices.

Keith Osborne, editor of new homes portal whathouse.co.uk, says: "Looking at the LSL New Build Index figures over the past quarter, it's interesting to note that Scotland and the West Midlands are not just continuing to show positive growth in prices, those increases are getting bigger month on month, pretty much across the spectrum of property types.

"In the areas where prices were heading the other way a few months ago - most notably the North West, North East and Yorkshire & the Humber - there's been a significant slowdown in the downward spiral and in the case of East Anglia, average price decreases have become positives across the board over a period of two months.

"Overall, these latest figures show a national improvement over the past few months. This would appear to back up the positive financial statements released by many of the UK's largest housebuilders for the past year or so and their reports of higher average selling prices," says Osborne.

"We'll continue to look with interest at how the scene develops over the months. There are certainly positives and, with ongoing talks to support buyers and NewBuy hailed a success following greater commitment from developers and lenders, we're hoping it won't be long before we can create even more positive headlines," concludes McAuley.

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