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As the Chancellor, George Osborne, announces plans to boost starter homes in rural areas and, it is hoped, ease the ongoing housing crisis, LSL Land & New Homes announce that the year on year price change of new builds to the end of July 2015 has fallen back slightly over the month to 6.5%.
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As the Chancellor, George Osborne, announces plans to boost starter homes in rural areas and, it is hoped, ease the ongoing
housing crisis, LSL Land & New Homes announce that the year on year price change of new builds to the end of July 2015 has
fallen back slightly over the month to 6.5%.
Shaun Peart, Managing Director of LSL Land & New Homes
www.lsllandandnewhomes.co.uk explains: “The dampening
of the market is evident in both the North and the South
and reflects trends noted in other market indices but
with the LSL/Acadata House Price Index reports (www.
lslps.co.uk) confirming ongoing growth in buyer demand
- against a relatively fixed or even falling housing
stock - we could see house price rises continue.
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Data sources: LSL New Build House Price Index | ONS, EARN05 – Average weekly gross earnings of full time employees, by region.
LSL New Build IndexThe market indicator for New Builds August 2015
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Splitting the country into ‘The North’ and ‘The South’ along
the traditional Wash to the Humber line shows a further
level of detail, with Greater London also separated out.
Overall, the price boom which started some years ago in Greater
London is continuing to wane although this looks to be a
levelling off. The southern regions have lost some momentum
from the stronger growth phase noted earlier in the year and
the northern regions have also been slowing over the past few
months. It is however quite possible that this is the result of
an election slow down and, as noted above, there is reason
to expect the excess demand, particularly noted in the North,
to lead to rising prices and a long awaited ‘catch up’ phase.
The table (right) shows the percentage price
change, year on year, for each region.
In terms of the First Time Buyers affordability for new build property we are also able to look at the average cost of buying a 70 sq m
2 bed home in each region and then compare this with the average earnings of a full time employee in that region. On average a
70 sq m home costs the equivalent of 5 years and 3 month’s gross earnings. But there is a wide regional variation in this figure.
As can be seen there is a clear North/South divide again emerging with the Southern regions of South East, South
West, East Anglia all having a rate of over 5 which results in an affordability index figure of over 100.
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Average New Home Prices
*Size adjusted average price
Period August 2014 to July 2015 and % variation over same period 2013/14.
SCOTLAND £ AVERAGE %+/-
£257,987 2.7% ↑
£136,727 0.2% ↑
£163,894 -0.3% ↓
£186,196 6.4% ↑
NORTH EAST £ AVERAGE %+/-
£259,364 6.3% ↑
£106,730 1.3% ↑
£154,977 -0.6% ↓
£143,235 -0.7% ↓
NORTH WEST £ AVERAGE %+/-
£288,271 4.6% ↑
£127,387 2.2% ↑
£168,481 2.0% ↑
£160,708 3.6% ↑
YORKSHIRE & THE HUMBER £ AVERAGE %+/-
£269,042 4.7% ↑
£118,539 3.6% ↑
£152,113 -0.3% ↓
£150,117 1.6% ↑
WEST MIDLANDS £ AVERAGE %+/-
£311,300 3.3% ↑
£135,089 6.9% ↑
£192,222 4.5% ↑
£185,724 6.8% ↑
EAST MIDLANDS £ AVERAGE %+/-
£281,097 8.7% ↑
£108,931 6.6% ↑
£169,492 2.9% ↑
£159,472 4.4% ↑
-0.7%
WALES £ AVERAGE %+/-
£241,801 0.8% ↑
£137,221 4.3% ↑
£164,986 2.9% ↑
£163,105 4.3% ↑
EAST ANGLIA £ AVERAGE %+/-
£368,539 7.8% ↑
£198,814 6.4% ↑
£247,596 6.1% ↑
£249,379 8.4% ↑
SOUTH WEST £ AVERAGE %+/-
£338,875 3.3% ↑
£166,981 4.8% ↑
£215,974 4.8% ↑
£210,953 4.4% ↑
GREATER LONDON £ AVERAGE %+/-
£664,129 13.7% ↑
£387,569 11.5% ↑
£447,133 4.7% ↑
£471,406 10.1% ↑
SOUTH EAST £ AVERAGE %+/-
£462,634 7.5% ↑
£202,921 8.1% ↑
£299,908 9.4% ↑
£277,534 6.0% ↑
Detached
Flats
Semis
Terrace
13.7%
LARGEST % DECREASENORTH EAST
GREATER LONDONLARGEST % INCREASE
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This Index has been prepared by e.surv using anonymised data
based on a proportion of all new build valuations provided for lending
purposes. Figures represent 12 month rolling averages for each
period. The copyright and all other intellectual property rights in the
Index belong to e.surv. Reproduction in whole or part is not permitted
unless an acknowledgement to e.surv as the source is included. No
modification is permitted without e.surv’s prior written consent.
Whilst care is taken in the compilation of the Index no representation
or assurances are made as to its accuracy or completeness. e.surv
reserves the right to vary the methodology and to edit or discontinue
the Index in whole or in part at anytime.
e.surv (www.esurv.co.uk) is the Valuation business of LSL Property
Services plc (www.lslps.co.uk) and is the UK’s largest residential
valuation practice, acting for lenders, developers, Social Housing
organisations and other stakeholders in the residential property
market.
The business employs circa 450 chartered surveyors and covers the
entire UK.
LSL Land & New Homes is a trading style for members of the LSL
Property Services Group Estate Agency Division, one of the leading
residential property services groups in the UK. It’s strategy is to create
partnerships with developers and builders to support their objectives
and add value to their businesses.
It can provide integrated solutions for their benefit drawing on the
expertise of companies who are also under the LSL Group umbrella
including valuation services (e.surv), rental portfolio services, asset
management services and estate agency services fronted by well-
known high street estate agency brands like Your Move and Reeds
Rains. Services can be tailored to suite individual needs from bespoke
site sales and marketing, agency referral to the disposal of part
exchange, assisted schemes and new build stock, land sales and
acquisitions.
Data for the LSL New Build Database is collected off the web sites of over 300 house builders on a rolling quarterly basis so giving a rough timeline of when sites start and finish and how many units have been built.
PLEASE NOTE: The majority of new build market activity data is quite historic, being based on returns made via the NHBC or Local Authority completions data. The LSL New Build Database tracks the new build activity of over 300 leading house builders with data collected from their websites on a rolling quarterly basis so giving a rough time line when sites start and finish and how many units have been built.
Disclaimer: The data is provided by LSL Land & New Homes and is based on data provided as described above. While reasonable skill and care has been taken in the preparation of the data – the copyright and all other intellectual property rights of which belong to e.surv limited - neither e.surv Limited nor LSL Land & New Homes can accept liability for the accuracy or completeness of the data provided.
Reproduction in whole or part is not permitted unless an acknowledgment to e.surv Limited is included. No modification is permitted without e.surv Limited’s prior written consent.
No warranty of the figures is given and no responsibility or liability of any nature to you or any third party for the whole or any part of its content is accepted. It is assumed that you will carry out your own due diligence before proceeding with any proposals or making any financial commitments.
For further information or enquiries regarding the underlying data of the
LSL New Build Index, please contact Richard Sexton via email
[email protected] or by phoning 07968 932118.
For further information about the LSL Property Services Group including
LSL Land & New Homes and e.surv, visit www.lslps.co.uk
Notes