New build house prices にわか景気d 17% last year while older homes dipped: Our 地図／計画する shows price gap in YOUR area

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New builds now 価値（がある）￡413,032 compared to ￡282,440 for 存在するing homes?
The typical 非，不，無-new build 所有物／資産／財産 fell by 2.4% last year
New home developers （刑事）被告 of 運動ing up prices by cutting 供給（する）??

Updated: 13:44 BST, 24 April 2024

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A 殺到する in the price of new build homes over the past 12 months may be masking what is really happening in the 所有物／資産／財産 market, new data has 明らかにする／漏らすd.?

The cost of the 普通の／平均（する） new build in the UK rose by a staggering 17.2 per cent in the 12 months to November 2023, によれば the 最新の政府 data.

And while new build prices have にわか景気d, the price of 存在するing homes appears to have dipped まっただ中に higher mortgage 率s.?

This is hidden in house price 索引s, which don't tend to 分裂（する） their 人物／姿／数字s by 所有物／資産／財産 type and have therefore 報告（する）／憶測d for several months that 普通の／平均（する） house prices have been rising.?

Gap 開始 up: The typical new home as of November 2023 was selling for ￡413,032 compared to the 普通の／平均（する）存在するing home, selling for ￡282,440

But the typical 非，不，無-new build 所有物／資産／財産, which makes up the 広大な大多数 of 処理／取引s, 現実に went 負かす／撃墜する in value by 2.4 per cent in the 12 months to November によれば the Office for 国家の統計（学）人物／姿／数字s.?

The typical new home was selling for ￡413,032 as of November 2023, compared to the 普通の／平均（する）存在するing home at ￡282,440.

歴史的に, both new-build and 存在するing homes have gone up and 負かす／撃墜する in price at about the same pace. So why are new homes suddenly スピード違反 ahead??

> Are new build homes more expensive? We crunch the numbers?

Thanks to 研究 by the 所有物／資産／財産開発評価ソフトウェア会社／堅い, Aprao, we were able to 跡をつける the price of the 普通の／平均（する） new build home compared to 存在するing homes over time.?

In the 10 years 主要な up to 2023, new-build house prices 増加するd by 60 per cent while 存在するing homes rose 63.5 per cent.

On an annualised basis, that meant new builds were rising by 5.4 per cent on 普通の／平均（する） per year compared to 存在するing homes, which rose 5.6 per cent.

But in 2023, it's （疑いを）晴らす that new-build homes have been the 運動ing 軍隊持つ／拘留するing up 全体にわたる所有物／資産／財産 prices - and in many 地域s, the strong new-build 部門 growth has even helped to 支え（る） up what would have さもなければ been 落ちるing house prices.

New builds more expensive in all UK 地域s?

New-build values have outperformed the 存在するing homes sold across every 地域 of Britain, によれば the 分析 by Aprao.

For example, the 普通の／平均（する） new build in the North East rose in price by 20.9 per cent last year. However, 存在するing 在庫／株 on the market fell by 0.8 per cent.

In London, the 普通の／平均（する） new-build 所有物／資産／財産 rose by 11 per cent in value in 12 months to November. 一方／合間, 存在するing London 在庫／株 fell by 4.4 per cent on 普通の／平均（する）.

In Scotland, the 普通の／平均（する） new build price was up 18.7 per cent in the 12 months to November compared to a 1 per cent 落ちる in value across 存在するing 在庫／株.

Why are new build prices にわか景気ing?

Some 所有物／資産／財産専門家s believe that developers have 効果的に増加するd new build prices by cutting 支援する on 供給（する）.

Last year, まっただ中に higher mortgage 率s, sales 容積／容量s took a 攻撃する，衝突する. 住宅処理／取引s fell by 19 per cent during 2023 to just over 1.02 million, によれば HMRC 人物／姿／数字s.

In the 直面する of this 落ちるing 需要・要求する from 買い手s, many house 建設業者s and developers appear to have 削減（する）支援する on building, によれば人物／姿／数字s from the 国家の House Building 会議.

The NHBC's 人物／姿／数字s 明らかにする／漏らすd 87,564 new homes were 完全にするd in the 私的な部門 in 2023, 負かす／撃墜する 20 per cent on 2022 when 109,829 were 完全にするd. 完成s 言及する to when a 陰謀（を企てる） is 確認するd as ready to be 占領するd.

いっそう少なく building: New homes 完全にするd in 2023 were 負かす／撃墜する 20% when compared with 2022

Are housebuilders 立ち往生させるing to 押し進める up prices??

Housebuilders are いつかs （刑事）被告 of sitting on building 事業／計画（する）s when times are 堅い, slowing the 率 at which they 完全にする homes so they can sell them for higher prices after the market 回復するs.?

This 減ずるs the 供給（する） of homes and can 増加する prices 予定 to more 競争. Is that what is happening here???

Peter 法案, the 所有物／資産／財産 author and commentator, says: 'The disproportionate rise in the price of brand new homes is 直接／まっすぐに関係のある to the 15 per cent to 20 per cent 審議する／熟考する削減（する） in 供給（する） by 容積／容量 house 建設業者s. They have 首尾よく持続するd prices by cutting 供給（する）.'

House 建設業者s will have also seen their 利ざやs squeezed by the rising cost of construction and 財政／金融.

Since 2019, the 普通の／平均（する） cost of construction 構成要素s has climbed by 33.2 per cent, によれば separate 分析 by Aprao.

Some things have risen more than others. For example, 絶縁するing 構成要素s have risen 61.4 per cent, pre-cast 固める／コンクリート製品s are up 55.8 per cent and plastic doors and windows are up 49.6 per cent.

> True Cost Mortgage Calculator: Check what a new 直す／買収する，八百長をするd 率 would cost?

Shovels in the ground and cranes in the sky:?Since 2019, the 普通の／平均（する） cost of construction 構成要素s has climbed by 33.2% によれば分析 by Aprao

Daniel Norman, 長，指導者 (n)役員／(a)執行力のある of Aprao says: 'The pandemic 現在のd a myriad of challenges for the nation's housebuilders, with 制限s around producing and 輸入するing building 構成要素s 主要な to a spike in costs.

'But while the pandemic itself may be 井戸／弁護士席 and truly behind us, it's fair to say that the same challenges remain today , with the cost of many 構成要素s remaining higher than they were even a year ago.

'At the same time, developers are 存在攻撃する，衝突する with higher costs on other 前線s, with higher 利益／興味率s playing their part, while their 行う法案 will have also 増加するd.'

Peter 法案 feels the combination of lower 買い手需要・要求する, と一緒に extra construction and 財政／金融 costs will have 原因（となる）d many housebuilders to 削減（する）支援する on the 在庫／株 they are making 利用できる.

Peter 法案 is the author of 所有物／資産／財産惑星 and co-author of Broken Homes: Britain's 住宅危機: Faults, Factoids and 直す／買収する，八百長をするs

He says: 'A house 建設業者 or developer needs to be 確信して about how much a 所有物／資産／財産 will sell for before buying a 場所／位置. A developer will nearly always 的 a 最小限 20 per cent 利益（をあげる）.

'For example, say a developer 最初事業／計画（する）d that its income from sales will be ￡1,000,000, they will build in ￡200,00 0 利益（をあげる） into their sums. Say they have 概算の the construction costs to be ￡600,000. That leaves them a ￡200,000 予算 to buy the land or old building.

'They acquire the land and make 計画（する）s to begin building work. However, 予定 to higher mortgage 率s, it now 心配するs that the 開発 will sell for ￡900,000, rather than ￡1,000,000. That will 削減（する） their ￡200,000 利益（をあげる） in half.

'一方／合間, higher than 心配するd costs of construction may also be eating into their 利益（をあげる）利ざやs.

'Big housebuilders are more fortunate than smaller developers. They can afford to wait for prices to 回復する, rather than sell at lower 利ざやs - or at a loss.

'Instead, they 削減（する） costs and slow the 率 of construction, rather than 削減（する） prices.'?

However, Anthony Codling, 長，率いる of European 住宅 and building 構成要素s for 投資 bank, RBC 資本／首都 Markets, believes that the 殺到する in prices is 最終的に存在 driven by 需要・要求する from 買い手s.

'New build prices only rise if 需要・要求する is greater than 供給（する）. If the homes aren't selling, the prices will come 負かす／撃墜する.

Anthony Codling, 長，率いる of European 住宅 and building 構成要素s for 投資 bank RBC 資本／首都 Markets

'If we look at the market, mortgage 率s are lower than they were a few months ago and 給料 are rising, therefore homebuyers can afford to spend more now than they could a few months ago.'

Rather than housebuilders?purposely cutting 支援する on 供給（する）, Codling argues that an?不十分な planning system is slowing them 負かす／撃墜する.

'Housebuilders would like to sell more homes,' says Codling. 'There are very few, if any, 商売／仕事s that 捜し出す to sell より小数の製品s than they could.?

'The 問題／発行する直面するing housebuilders is a planning system moving at a glacial pace, 住宅的s have been scrapped, planning departments 基金ing has been 削減（する） and therefore より小数の planning 許可s are 存在認めるd.?

'It is the planning system that is 持つ／拘留するing 支援する住宅供給（する）, not housebuilders, they are in the 商売／仕事 of building houses.

Codling 追加するs: 'Build costs continue to rise, but housebuilders cannot automatically pass these costs on to the homebuyer, because don't forget for every one new build there are seven or eight second 手渡す代案／選択肢s where build costs have long been forgotten and therefore do not 衝撃 the price.'

If new builds were to begin cutting prices and sell at lower prices than the market value, it would 代表する '商業の自殺', によれば Codling,?特に if they then run out of homes to sell.

He 追加するs: 'Housebuilder 利益（をあげる）s have already fallen 意味ありげに, 利ざやs have fallen by about 50 per cent across the 部門, and if housebuilders run out of money and go 破産した／（警察が）手入れする, we will get even より小数の new homes, so we need to be careful what we wish for.'

*Please 公式文書，認める that the data on new build and 存在するing homes prices is based on ONS data taken from the Land Registry. It 除外するs Northern Ireland's house price data.?Northern Ireland prices are based on a 年４回の人物／姿／数字 only.

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