‘Average price of a new home hits 31-month high’

The average price of a new home rose by 3.8% in May to £228,041, the highest level since October 2008, according to new homes website SmartNewHomes.

Strong positive growth was also recorded on a three month and annual basis, up 4% and 3.4% respectively.

Commenting on the data, Steve Lees, Director of SmartNewHomes, said: “The significant rise in the average price of a new home is indicative of growing consumer demand during the peak buying season. There are significant numbers of potential buyers who are looking for new homes and who are keen to buy while they can still find excellent value for money.

“The affordability of homes for first-time buyers remains a problem, though the industry is hopeful that the new ‘FirstBuy’ scheme will boost the new homes market when funding starts to be released this Summer.”

May 2011 – according to SmartNewHomes

Average new home price: £228,041

Monthly % change: +3.8%

Three monthly % change: +4.0%

Annual % change: +3.4%

Source: 24dash

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