New Homes Commentary July 2010
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June's new build property prices and data show that even the few new builds that are available are suffering from a lack of buyers. According to Smart New Homes, prices are down because of an increase in second homes coming onto the market, so more stock and a continued lack of mortgage funding available.
However this doesn't really fit as there seem to be less new builds coming onto the market (even by their own admission, "June saw the lowest number of new homes brought to the market since the start of the Index"!) and new build buyers are rarely 'attracted' away from them for second homes, so Kate concludes that falling prices are a sign that the number of buyers willing and able to purchase are currently waning, or at least holding off for now.
The falling of prices and volume is also affecting all property sizes and most areas, a sure sign that things are stalling, if not heading to a downward spiral.
Regional Performance
The regional picture continues to change for new build. Areas such as Greater London which had grown dramatically continues to be down by 13% YoY. Other areas not performing well include the West Midlands, down by nearly 10% YoY and the South East (-4% YoY).
There are however still some areas that are posting rises, including East Anglia where new build prices have increased again to 13%+ YoY beating the next region by some distance which is the South West, up by 6.6% YoY and Yorks and Humber at +6%.
Want to know more about property prices? Need help buying a new build? Call us on 0845 838 1763 or email enquiries@designsonproperty.co.uk
New Homes Data from Smartnewhomes
| Statistic Measure | Feb 10 | Mar 10 | Apr 10 | May 10 | June 10 |
| Average new home price | £215,186 | £216,188 | £220,190 | £220,464 | £217,845 |
| Monthly % change | -1.6% | +0.5% | +1.9% | +0.1% | -1.2% |
| Three monthly change | -1.4% | -2.0% | +0.7% | +2.5% | +0.8% |
| Annual % change | -5.6% | -1.8% | -0.3% | +2.1% | +1.4% |
| 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
