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Sales of New Build Homes Soars

Data from the Land Registry has confirmed that of the 78,408 property sales supplied for registration last April, new builds accounted for 11,758, which is a 28.2% increase over the year before.

It would appear that sales of new build homes are on the rise.

According to the LSL New Homes Index, in the year ending April 2018 prices for new build homes went up by an average of 7.6% across the country, surpassing last year’s total of 7.2%.

The latest HMRC figures on British property transactions suggest a possible slowdown when compared to 2017, but projected year-on-year totals for 2017-18 remain at close to 1.2 million, which is where they have averaged for five years now.

The most recent business updates from leading housebuilders confirm that they are continuing to perform well financially. The challenge when it comes to sales of new build homes is how that industry can grow in a level market where second hand housing is the main competition.

Structural Defects Insurance

A principal driver of the latest quarter’s low GDP was the construction sector, which was severely impacted by the  ‘Beast from the East’ and the cold weather. Fortunately the construction sector, which accounts for 6% of the national economy and relies heavily on house building, has experienced a robust bounce back.

The Bank of England maintained interest rates at 0.5%, with slower than expected economic growth being the main reason for not instituting the planned increase to 0.75%.

The most recent news from the House Price Indices suggests that the London housing market is continuing to experience problems, with house prices falling in half of the city postcodes. The prime market is being affected the most, and it remains to be seen how this will play out with the 40% Help to Buy loans that the Government has made available. Other cities and regions have fared better, with healthy house price increases being recorded.

Specialists in Construction Insurance

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