Sharp increase in sales of new-build homes
New-build properties appear to be growing increasingly popular with UK homebuyers, having accounted for a large chunk of total sales in April.
According to official figures from HM Land Registry, a total of 78,408 properties were sold in April 2018.
Of these, as many as 11,758 were new-build properties – a 28.2 per cent increase over the year before, the figures reveal.
Interestingly data from elsewhere also suggests that the values of new-build properties are rising at an impressive rate.
The latest LSL New Home Index reveals that, in the year ending April 2018, new-build property values increased by 7.6 per cent on average across the country.
During the previous year, such homes rose in value by 7.2 per cent, suggesting a 0.4 per cent increase in the rate of property price growth.
However, forecasts from HM Revenue & Customs (HMRC) indicate that market activity for the year as a whole could reflect a marginal slowdown by the end of the year.
Currently, HMRC’s projections indicate that there will have been 1.2 million property transactions in total by the end of the year, which would fall in line with the UK’s five-year average, but would fall slightly short of the number of transactions recorded in 2017.