According to Halifax, there has been an increase of 40% from £166,473 over the past 10 years. 

The biggest rise in the past ten years has been in Greater London where the average price for a new home has risen by 57% to £415,540.

There is also a north-south divide between the prices of new homes.

According to the report, more than half of UK regions saw the average price of new homes fall in the past five years, with the north experiencing the greatest fall of 10% to an average of £157,190.

Craig McKinlay, new mortgages director for Halifax, said: “In a relatively flat housing market, the new homes market has changed enormously over the past five years.

“We have seen a lot of positive sentiment towards the new homes market, with various schemes launched to get the house building industry moving and changes in policies and deposit requirements allowing shared equity buyers to participate more fully in the new build market.”