A property software business says its research shows that the housing market revival is driven by the premiums levied on new builds.
APRAO analysed government data for both new-build and existing house prices going back over the last decade, to see how both areas of the market have performed historically and which is driving the current return to form being seen across the property market.
Over the last 10 years, new-build house prices have increased by 73%, with existing homes not far behind with a 63.7% jump. Even over the last five years, a 24.1% increase in the average price of an existing home has almost matched the 25.5% increase seen for a new-build property.