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New Built Houses
New Build House Prices January 2011Despite a good month for developers in November, December showed a real slowdown in activity. Prices fell slightly, but not significantly and buyers are definitely holding back encouraged by 'media doom and gloom' and for the new build sector, hampered by difficulties in getting finance for new builds.
New homes' prices are likely to stay fairly constant this year, still making a new build home a good purchase - especially as they are built to high eco friendly standards so on-going utlity bills are likely to be lower.
According to Steve Lees, Smart New Homes Sales and Marketing Director, "The industry continues to operate at about half capacity and there is little hope of this changing while planning law remains in upheaval. Once the Localism Bill becomes law, we remain sceptical about its effectiveness to drive through development locally, especially in more rural areas, once communities are given the power to prevent it."
So for now, anyone hoping for lots of new builds to flood the market and bring down property prices, they are likely to be sorely disappointed. Stock levels in areas where the economy continues to recover are likely to be restricted not just this year, but the years to come, meaning when the economy does start to recover, prices are likely to continue to rise beyond 2007 levels and in some areas cause 'market spikes' as people compete for housing once again.
Areas such as London (-31% YoY) seem to have taken a bit of a pummelling this month, but this happened before and it was just a 'monthly anomaly'. Other areas that aren't doing well this month are North West (-7.2%) anad even Scotland, normally a consistently good performer, is down -5.4% YoY
In comparison, good performers this month include Wales +9% YoY and Yorks and Humber +8.7% YoY.
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
New Homes Data from Smartnewhomes | Statistic Measure | Aug 10 | Sep 10 | Oct 10 | Nov 10 | Dec 10 | | Average new home price | £219,629 | £222,561 | £212,103 | £220,654 | £222,069 | | Monthly % change | +0.9% | +1.3% | -4.7% | +4.0% | -0.3% | | Three monthly change | -0.4% | +2.2% | -2.6% | +0.5% | -1.1% | | Annual % change | +1.2% | +4.9% | -1.3% | +1.1% | -0.2% |
| Statistic Measure | Feb 10 | Mar 10 | Apr 10 | May 10 | June 10 | July 10 | | Average new home price | £215,186 | £216,188 | £220,190 | £220,464 | £217,845 | £217,660 | | Monthly % change | -1.6% | +0.5% | +1.9% | +0.1% | -1.2% | -0.1% | | Three monthly change | -1.4% | -2.0% | +0.7% | +2.5% | +0.8% | -1.1% | | Annual % change | -5.6% | -1.8% | -0.3% | +2.1% | +1.4% | +2.5% |
| Statistic Measure | Aug 09 | Sep 09 | Oct 09 | Nov 09 | Dec 09 | Jan 10 | | Average new home price | £217,058 | £212,124 | £214,909 | £218,160 | £220,537 | £218,575 | | Monthly % change | +2.2% | -2.3% | +1.3% | +1.5% | +1.1% | -0.9% | | Three monthly change | +0.6% | -1.3% | +1.2% | +0.5% | +4.0% | +1.7% | | Annual % change | -10.4% | -10.2% | -7.5% | -3.7% | -2.6% | -1.4% |
| Statistic Measure | Feb 09 | Mar 09 | Apr 09 | May 09 | Jun 09 | Jul 09 | | Average new home price | £227,893 | £220,128 | £220,955 | £215,857 | £214,846 | £212,440 | | Monthly % change | +2.8% | -3.4% | +0.4% | -2.3% | -0.5% | -1.1% | | Three monthly change | +0.6% | -2.8% | -0.3% | -5.3% | -2.4% | -3.9% | | Annual % change | -9.6% | -13.2% | -13.0% | -15.3% | -13.7% | -13.6% |
Useful article to read - UK house building levels rise
For more market commentary on a national or local level:-
Contact Kate Faulkner on 07974 750562 or 0845 838 1763. To read more about Kate, please visit ABOUT US, see Kate on video and for media appearances, contact:
Sylvia Tidy-Harris
STH Management Tel +44 (0) 1530 263221
Mob +44 (0) 7970 646872
Fax: +44 (0) 1530 264018
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