New homes rising in value again

The average price of a new home rose by 0.7 per cent in October as new builds bounced back from an autumnal slowdown, it has been revealed.

SmartNewHomes.com has revealed that the average price of such properties has risen to £258,760 in light of the first price rise seen since July.

This increase was principally driven by interest in high-end properties such as penthouses, which saw a price rise of 2.7 per cent over the month, according to SmartNewHomes.

"City high fliers can still afford high quality properties. Penthouses fit the bill and as a result have remained very popular," said managing director David Bexon.

"In addition to city buyers, cash rich downsizers are generally unaffected by a depressed market with many opting to buy luxury penthouses off-plan," Mr Bexon added.

The average house price in the UK fell by 0.2 per cent in November, according to a Hometrack report released earlier this week.

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