publication date: Oct 22, 2010
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author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
New Built Homes Performing OK
The new homes market continues to perform 'OK' for now. Especially considering the harsh mortgage environment they are operating in and the 'doom and gloom' from the media.
According to the Smart New Homes Index, the industry has reduced it's volume production by 60%, probably due to the forecasted 'slow down' in the market. On top of this, they claim "Some estimates suggest plans for over 100,000 new homes have been put on ice since the coalition took power because of confusion over planning policy" and "The industry is desperate for a coherent and workable policy framework to allow construction to progress, but it appears the wait is set to go on for some time to come.”
READ MORE for the full New Homes Commentary
Regional New Build House Prices
Regional new build house prices continue to show variation across the UK for property prices. The best performing area continues to be Yorkshire Humber (+12% YOY) which from a market perspective isn't performing brilliantly (See buying/selling update). Other areas that are performing well year on year are the East Midlands (+4.7%) the North (+5.2%).
'Down South' which is currently performing the best of most property markets, Greater London after good rises has fallen back by 6.4% year on year. Scotland, where the main market is performing well is down by 8.8% year on year and the West Midlands by -6.2%.
READ MORE for all the Regional Performances
Need to know why you need to be careful when buying a new home? Why some lenders request a higher deposit for some new build properties? Call us on 0845 838 1763 or email enquiries@designsonproperty.co.uk
Not sure what to do? If you need independent advice on buying in the UK, then contact Kate Faulkner and her team at Designs on Property by emailing enquiries@designsonproperty.co.uk or calling 0845 838 1763. Better still, buy a First Time Buyer Pack and make sure you have access to the Designs on Property team so you can enjoy a smooth move!
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