New Homes: Prices for new homes have fallen to the lowest level in two years, with average prices decreasing 2.6 per cent between May and June, according to the SmartNewHomes index.
New Homes: The decline was universal in the housing market, with all property prices showing a decline. The UK average price of a new build home is now £260,073. Price falls of ten per cent or more occurred in Wales, East Anglia and South-West England. The total number of new homes available in June was 4 per cent down on figures for May.
Penthouses led the way, with a fall of 5.9 per cent. Apartments saw prices down 2.6 per cent and town houses fell 1.7 per cent to an average price of £234,218. Detached and semi-detached homes declined 1.6 and 1.4 per cent respectively to £312,324 and £232,853.
David Bexon, managing director at SmartNewHomes, said, “While overall property sales are clearly down on this time last year, buyers are still looking to enter the market. Developers are helping many people to do this with a range of excellent incentives and schemes, which in some cases have allowed people to bypass financial constraints and secure a more competitive mortgage.”