Increase in new property prices

New property prices increased in November, with the annual inflation figure also being positive.

The November New Homes Index from Smart New Homes shows that the average new property was worth £260,882 in the month.

That signals a 0.8 per cent increase on the £258,760 average recorded in October and a 0.1 per cent rise on November 2007's figure of £260,675.

Quarterly inflation was also positive, with the average new property price rising by 0.6 per cent.

Greater London saw the most impressive growth (14 per cent), followed by the south-east (2.3 per cent) and East Anglia (1.3 per cent).

Apartments were revealed to be the most new popular property type in 2007, accounting for 57.4 per cent of sales in the year.

Detached properties (22.6 per cent), town houses (11.5 per cent), semi-detached properties (eight per cent) and penthouses (0.5 per cent) made up the rest of the mix.

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