New build prices rise

Published: April 25, 2008

A new study shows that new property prices increased marginally in March, spelling good news for those with first-time buyer mortgages.

The price rises will be well received by new buyers as they benefit from seeing their investment increase in value.

According to Smart New Homes, there was a 0.6 per cent increase in the value of new properties between February and March.

The survey revealed that the largest price increase (five per cent) was recorded in Scotland, spelling good news for people with first-time buyer mortgages north of the border.

David Bexon, managing director of Smart New Homes, said that new builds are changing to meet the needs of British buyers.

"Our index recorded that while the number of apartments is down two per cent on this time last year, the number of family homes is up two per cent showing that the mix is beginning to adjust to meet demand," he commented.