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Scotsman
21-07-2025
- Business
- Scotsman
Why prices for one type of house are soaring, despite property market slump
They have soared in value by around a third in the space of just a year From gorgeous Georgian town houses to jaw-dropping penthouses, converted campervans to bargain boltholes. Take a peek at the finest homes across the UK. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The cost of new-build homes has shot up by around a third in the last year During the same period, house prices as a whole have only increased slightly There are a number of reasons why new-build house prices have risen so rapidly The cost of new-build homes has soared by nearly a third in the last year | Photo by Steffen Coonan: After years of rapid growth, the UK housing market is experiencing a bit of a slump. The average house price in England has risen by 3.1% in the last year, the latest figures show, with values falling in many areas. Advertisement Hide Ad Advertisement Hide Ad In Scotland, the average house price is up by 6.4% annually but there was no monthly increase in May 2025, the latest date for which figures have been published. However, one type of property is bucking the trend, with huge price increases recorded during the last year. The average cost of a new build home in England has shot up by 31.6% in the last year, to £462,864, the latest House Price Index, published in July, shows. In Scotland, it has risen by 27.6% to £359,880. During the same period, the average price paid for an existing home which is being resold has increased by 5.8% in England, to £289,750, while in Scotland it has risen by 3.1%, to £172,472. Advertisement Hide Ad Advertisement Hide Ad Why is the cost of new-build homes rising so fast? But why is the price of new build homes increasing so much faster than that of older homes? There are a number of potential factors which could explain the huge difference. Perhaps the biggest is that the supply of new-build homes, which have always been more popular with some buyers, is failing to keep up with demand. Only 190,520 new-build homes were completed during 2023/24, according to figures published by the Office for National Statistics, compared with 210,810 the previous financial year and 205,150 in 2021/22. Advertisement Hide Ad Advertisement Hide Ad Another factor is the rising cost of building materials and labour, which has increased much faster than the overall rate of inflation since 2020. And a thid reason could be that new-builds are becoming more appealing due to their greater energy efficiency, especially with the cost of heating your home having risen so much in recent years. Where are new-build house prices rising fastest? The cost of new-build homes has risen much faster in some areas than others. In London, the average house price for a new-build home has risen by 23.8% in the last year, which is the lowest percentage increase of any English region. Advertisement Hide Ad Advertisement Hide Ad That could be due to a combination of the greater availability of new-build homes in London and the fact that the average house prices there as a whole have risen more slowly than in the rest of England during the last year. The biggest increase in the average house price for a new build home was in the North East (39.2%) and the North West (35.0%). Would you prefer to buy a new-build home or an older property, and why? Let us know in the comments section.
Scotsman
21-07-2025
- Business
- Scotsman
Why prices for one type of house are soaring, despite property market slump
They have soared in value by around a third in the space of just a year From gorgeous Georgian town houses to jaw-dropping penthouses, converted campervans to bargain boltholes. Take a peek at the finest homes across the UK. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The cost of new-build homes has shot up by around a third in the last year During the same period, house prices as a whole have only increased slightly There are a number of reasons why new-build house prices have risen so rapidly The cost of new-build homes has soared by nearly a third in the last year | Photo by Steffen Coonan: After years of rapid growth, the UK housing market is experiencing a bit of a slump. The average house price in England has risen by 3.1% in the last year, the latest figures show, with values falling in many areas. Advertisement Hide Ad Advertisement Hide Ad In Scotland, the average house price is up by 6.4% annually but there was no monthly increase in May 2025, the latest date for which figures have been published. However, one type of property is bucking the trend, with huge price increases recorded during the last year. The average cost of a new build home in England has shot up by 31.6% in the last year, to £462,864, the latest House Price Index, published in July, shows. In Scotland, it has risen by 27.6% to £359,880. During the same period, the average price paid for an existing home which is being resold has increased by 5.8% in England, to £289,750, while in Scotland it has risen by 3.1%, to £172,472. Advertisement Hide Ad Advertisement Hide Ad Why is the cost of new-build homes rising so fast? But why is the price of new build homes increasing so much faster than that of older homes? There are a number of potential factors which could explain the huge difference. Perhaps the biggest is that the supply of new-build homes, which have always been more popular with some buyers, is failing to keep up with demand. Only 190,520 new-build homes were completed during 2023/24, according to figures published by the Office for National Statistics, compared with 210,810 the previous financial year and 205,150 in 2021/22. Advertisement Hide Ad Advertisement Hide Ad Another factor is the rising cost of building materials and labour, which has increased much faster than the overall rate of inflation since 2020. And a thid reason could be that new-builds are becoming more appealing due to their greater energy efficiency, especially with the cost of heating your home having risen so much in recent years. Where are new-build house prices rising fastest? The cost of new-build homes has risen much faster in some areas than others. In London, the average house price for a new-build home has risen by 23.8% in the last year, which is the lowest percentage increase of any English region. Advertisement Hide Ad Advertisement Hide Ad That could be due to a combination of the greater availability of new-build homes in London and the fact that the average house prices there as a whole have risen more slowly than in the rest of England during the last year. The biggest increase in the average house price for a new build home was in the North East (39.2%) and the North West (35.0%).
Calgary Herald
17-07-2025
- Business
- Calgary Herald
Calgary led resale growth for past 3 years, now it's Edmonton's turn
Edmonton and Calgary outpace the Canadian average for home sales growth. Photo by Shaughn Butts / Postmedia Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Alberta remains a strong resale real estate market, especially compared with Ontario and British Columbia, yet the province's previous growth leader, Calgary, is taking a back seat to another city. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors 'Edmonton is seeing more growth,' says Benjy Katchen, president and chief executive officer of RPS-Wahi about its recent report on its House Price Index findings for May, published in late June. 'All things being relative, Calgary went up more before, so maybe it's just Edmonton catching up.' Your weekday lunchtime roundup of curated links, news highlights, analysis and features. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again Nationally, the index increased one per cent year over year as of May 31. Edmonton and Calgary outpaced the Canadian average up 10 and five per cent, respectively. In contrast, Canada's largest markets saw declines year over year. Toronto's index price fell three per cent, and Vancouver's was down four per cent. 'We're seeing a similar phenomenon in Quebec, where Quebec City is performing better than Montreal,' whereas it has previously been the inverse, Katchen says. The index shows that Montreal saw eight per cent growth year over year and Quebec City led the nation at 14 per cent. The index also reveals a trend of Calgary price growth slowing and remaining robust for Edmonton. Since the start of the year, Edmonton has outpaced Calgary for price growth, percentage-wise. Previously, Calgary saw more price growth for several months, the Wahi report shows. Local statistics show that Edmonton still has a way to go to catch up price-wise, but data also reveals softening conditions for both with Calgary seeing significant supply increases. Calgary Real Estate Board statistics from June reveal that the benchmark price — or typical price — for all housing types was $586,200. That's a decrease of nearly four per cent year over year. At the same time, sales fell nearly 17 per cent. Both metrics have been trending downward for several months. Supply, in contrast, has been rising with inventory up more than 83 per cent year over year. In Edmonton, the benchmark price of a home — all housing types — was $439,700, an increase of almost eight per cent versus the same month last year. As well, sales grew nearly four per cent. Pressure is easing in Edmonton as well though; inventory grew 15 per cent year over year.
Scotsman
17-07-2025
- Business
- Scotsman
Edinburgh homes soar £22,000 in a year
Homeowners in the Scottish capital have seen their homes increase in value as the UK experiences a nationwide boom in property prices. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... UK property values increased by 1.1% in this week's House Price Index, with an annual increase of 3.9% to the delight of homeowners across the country. . Those owning property in Edinburgh gained £2,648 from April to May this year thanks to a modest 1% monthly gain. Advertisement Hide Ad Advertisement Hide Ad It will be the yearly increase which is sure to have left homeowners ecstatic as an 8% increase in Auld Reekie has added £22,357 to house prices. The average UK home is now worth £269,000 following the 3.9% rise over the last 12 months The average home in Edinburgh now costs £294,181, above the UK national average for a property. Homes in East Lothian had the strongest year-on-year gain across Edinburgh and the Lothians, with £24,357 added to the average property in the area. However, of the four areas it still remains the most expensive to buy in with the average home costing £297,042. Advertisement Hide Ad Advertisement Hide Ad In Scotland there was no monthly increase but an annual 6.4% rise, meaning the average Scottish home now costs around £192,000. The average UK home is now worth £269,000 following the 3.9% rise over the last 12 months which added £10,000 to prices. House prices in England saw an annual price rise of 3.4%, making the average property worth £290,000, while Wales had a 5.1% increase and homes stood at £210,000 on average. . The report revealed more than 80,000 properties were sold in March 2025 surpassing the totals from both 2023 and 2024. Advertisement Hide Ad Advertisement Hide Ad Tom Evans, sales director at Purplebricks Estate Agency said: 'Great news once again for the nation's homeowners, and at a promising time for first-time buyers too. 'The falling interest rates over the last 12 months has helped drive down mortgage rates and drive up property prices - and the forecast base rate cut in August should continue that trend. 'We are confident house prices will continue to rise into next year, meaning your home at the start of 2026 will be worth more than it is today.' Robert Nichols, managing director of Purplebricks Mortgages said: 'This is the best time to be a first-time buyer in recent years. Advertisement Hide Ad Advertisement Hide Ad 'Lower interest rates, means lower mortgage rates. And, while that is pushing up house prices, it also acts as a confidence booster to would-be buyers that owning property pays dividends. 'And, the government's new 'Helping Hand' scheme for first-time buyers - making more mortgages available at 4.5 times a buyer's income - will drive more movement in the market.'
Scotsman
20-06-2025
- Business
- Scotsman
The biggest house price losers, as one area sees £23K wiped from value in a month
This article contains affiliate links. We may earn a small commission on items purchased through this article, but that does not affect our editorial judgement. The latest house price 'winners' and 'losers' have been revealed From gorgeous Georgian town houses to jaw-dropping penthouses, converted campervans to bargain boltholes. Take a peek at the finest homes across the UK. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The average house price fell by nearly £23,000 in one area in a month But elsewhere, in one of the nation's poshest neighbourhoods, it shot up by £123,815 House prices fell across the UK as a whole, though the latest figures have been called a 'bump in the road' The average house price in the UK fell by 2.7 per cent between April 2025 and March 2025, the latest figures show | AFP via Getty Images The UK property slump has seen more than £20,000 wiped from the value of homes in one area in the space of a month. Property values nationwide fell by 2.7 per cent between March and April, the first monthly fall recorded this year, according to the latest House Price Index, published on Wednesday, June 18. Advertisement Hide Ad Advertisement Hide Ad The latest figures are the first to cover the period since changes to stamp duty came into force on April 1, 2025, increasing the costs incurred by many homebuyers. A property expert called the monthly fall a 'bump in the road', following the stamp duty changes, and said he expected prices to rise again. The average home in the UK is now worth £265,000 - down from 271,000 in March 2025, but still 3.5 per cent up annually. London was one of the few places in the UK where prices rose month-on-month, though homes in the capital's poshest areas are still worth much less than they were this time last year. Advertisement Hide Ad Advertisement Hide Ad The North West and North East in England saw some of the biggest percentage falls, but it was in Epping Forest, Essex, that the largest amount was wiped off house values. Below are the biggest house price 'winners' and 'losers', based on analysis by Purplebricks Estate Agency of the latest House Price Report. House price 'losers' April 2025 v March 2025 House prices in Epping Forest, Essex, fell by £22,913 between March 2025 and April 2025 | Google Epping Forest, Essex: -£22,913 (-4%) Hackney, London: -£18,883 (-3%) Chichester, Sussex: -£18,621 (-4%) Cotswold: -£17,121 (-4%) North Hertfordshire: -£14,402 (-4%) South Cambridgeshire: -£14,365 (-3%) Brighton & Hove, Sussex: -£13,238 (-3%) North West: -£13,105 (-6%) Newham, London: -£12,878 (-3%) North East: -£12,637 (-8%) House price 'winners' April 2025 v March 2025 Getty Images Kensington & Chelsea, London: +£123,815 (+9%) City of London: +£53,255 (+7%) City of Westminster, London: +£28,408 (+3%) Tandridge, Surrey: +£26,972 (+5%) Islington, London: +£18,904 (+3%) Winchester, Hampshire: +£18,601 (+4%) Three Rivers, Hertfordshire: +£18,287 (+3%) Elmbridge, Surrey: +£15,168 (+2%) Cambridge: +£15,110 (+3%) London: +£14,732 (+3%) 'Bump in the road' Tom Evans, sales director at Purplebricks Estate Agency, said: 'This small monthly decline is little more than a bump in the road - a stumble after April's stamp duty changes. 'One of the best investments you can make is in bricks and mortar, and most buyers are looking at the long-term when they sign on the dotted line. Advertisement Hide Ad Advertisement Hide Ad '2025 has so far been a great year for the market with continued price rises, which I predict will be back before long.' Robert Nichols, managing director of Purplebricks Mortgages, said: 'With 0% deposits, the lowest mortgage rates in two years, the UK is a buyers' market right now. 'And, rising wages means there are more first-time buyers encouraged to put that all-important first foot on the property ladder. 'Movement at the bottom of the ladder will pay dividends in the long-run, promoting sales further and further up the chain - ultimately nudging prices up over time.' Advertisement Hide Ad Advertisement Hide Ad 🏠 Whether you're planning to move or just curious what your home is worth, Purplebricks offers free valuations and fixed-fee selling support from local experts. 👉 Request a valuation or browse current listings in your area.
