The resurging property market in the capital has meant a 40.6% increase in new homes going under offer during the third quarter, in comparison to the preceding year.

This activity has positively impacted house prices with the value of these homes increasing by 42.8% annually.

The lettings and real estate agent also found that the value of new homes exchanged was up 64.8% from the third quarter of 2023. The value of new homes under offer was also 1.6% higher than last year.

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Commenting on the figures, Joel Ellis-Duffy, Foxtons new homes sales director, called this a sign of a “significant uplift” from 2023’s data.

“This is a trend we expect to continue for the rest of 2024, with Q4 shaping up to be considerably better than this time last year,” Joel added.

“Although the economic headwinds, caused by higher interest rates, blew that little bit harder across the new-build sector, we’re now seeing more offers being made and accepted and more transactions reaching completion.

“This increased level of market activity is also bringing a significant boost to the total market value being transacted.”