28 Feb

London new home market 'sees large rises'

London new home market 'sees large rises'

New-built properties in London now cost an average of 21.6 per cent than they did three months ago, according to new figures released by SmartNewHomes.com.

In December, a new home in the capital on average stood at £411,981, a jump of £53,801 from figures released in October, the firm stated.

Managing director at SmartNewHomes.com David Bexon noted that demand in the city is still high and the market robust.

"Our index shows that the price of a new home in London has increased dramatically over the last three month period proving that this area remains competitive and is developing a strong resilience," he commented.

He added that most other regions recorded price falls in the same time period and that London is in "a market of its own".

This year, property prices are set to remain level, the chief executive of Barratt Developments Mark Clare recently stated. He added that more interest rate cuts are needed if the situation is to change.ADNFCR-1222-ID-18487601-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.