The New Build Market Review shows the overall, top level status of the New Build property market for the last decade, to the end of Sept 2017.
Transaction Volumes
The volume of *transactions following the 2009 crash was impaired for several years but in recent years levels are now beginning to exceed pre-2009 volumes. (*A New Build transaction for reporting purposes is defined as a completed, full-price property sale). The volume of transactions for June exceeded that of preceding months and this made June the best month in 2017 to date. However, this trend did not continue upwards and transaction volumes seem to have reached a plateau that may persist for the remainder of 2017 depending on how the trendline is calculated.
Market Value
None the less the house price has recovered and the overall monthly value of the market is now almost double the value of the market in 2007. (In the graph below the total value of all transactions are listed by month from Jan 2007 to the close of Sept 2017. Units are in billions.) The overall trend continues to suggest price growth into the future, in part driven by inflation. The market value for June exceeded that of preceding months making June the best month in the last decade. Since June however there has been a slight reduction of monthly market value that may suggest a reduced rate of increase for the remainder of 2017 depending on how the trendline is calculated.
When the total annual value of the market is viewed by year from 2007 to 2016 there is a slightly reduced rate of increase in 2016.
Year by year regional results
On a regional basis London and the South East have led the way in terms of the number of post-recovery transactions recorded on a year by year basis. (The graph below shows values from 2007 to 2016).
When the value of all transactions by region is considered London has outperformed all other regions, with an overall value in 2016 in excess of £10 billion.
Average property prices by type of property, by month
Average property prices for each major type of property (houses, semi-detached houses, terraced houses and flats) have all showed consistent increases since 2009 and the trend seems likely to continue. There has been a slightly reduced rate of increase for all types other than semi-detached properties.
Data for the above has been obtained from official Government sources.
