The price of new homes has recorded its first annual increase in half a year, according to figures published this week.
The data, released by residential marketing website SmartNewHomes.com, says the price of new dwellings has increased 2% since March last year – the first annual rise recorded since September 2004.
The same survey shows that prices have fallen 0.8% since February, the smallest monthly drop this year, underpinning the figures showing annual growth.
The figures show prices of new detached and semi-detached houses have both risen within the last year, 17.7% and 8.8% respectively. The prices of flats and townhouses fell 9.8% and 4% respectively over the same period.
The survey also showed that the proportion of apartments sold reached a record high of 55.9%. Detached homes fell to 30.5%.
SmartNewHomes chief executive David Bexon said: “As we predicted, the housing market is on the turn and prices are beginning to increase again.”
The ODPM’s house price index for February, also published this week, showed UK annual house price inflation was 10.5%, up from 10% in January. And average house price inflation in London was 7.1% in February, compared with 5% in January. The average house price was £179,491 in February 2005, slightly down on January's figure of £180,465.
The lowest rate of annual inflation was in the South-east (5%), with the highest figures in both the North-east and Yorkshire and Humberside (10.2%).