Cost of new homes driven by de­mand

Yorkshire Post - Property - - PROPERTY -

THE av­er­age price of a new home in July was £235,579. This is up 1.4 per cent since June and 3.8 per cent in the last three months.

Steven Lees, di­rec­tor of SmartNewHomes, says: “House­builders have en­joyed an un­sea­sonal strength in buyer de­mand at the start of the sum­mer, some­thing not seen for five years. Al­though sup­ply is in­creas­ing, it still falls far short of de­mand and this is con­tribut­ing to the rise in prices.”

The Gov­ern­ment has un­veiled plans to stim­u­late fur­ther new de­vel­op­ment, in­clud­ing pub­lic fund­ing to kick start projects and re­lax­ing re­quire­ments for de­vel­op­ers to pro­vide so­cial hous­ing. Its tar­get is three mil­lion new homes by 2020.

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