New Homes Commentary for August 2009
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The new homes market continues to 'bottom out' from a price decline perspective and in fact on average show a 2% increase. Purchases are still being held back by a lack of mortgage lending - particularly on new builds. However it appears that new build property prices are about as low as they will go.
This month's index shows that some areas are starting to see a few price rises, for example, Scotland, Wales and East Anglia are showing rises from the last three months and London/South West are even up year on year by 13% and 9% respectively. However, these figures are 'jumping' around from month to month, so to really call 'market bottom' in different areas we need to see at least three months worth of positive price changes. Meanwhile volume is still VERY LOW, with developers adding around 1,000 new homes a month to advertise on www.smartnewhomes.com.
However the next few month will be a good market test as we will see more stock come onto the market as developers have started to build on sites they had previously stopped developing.
So, if you are thinking of buying a new build home and can secure the finance to do so, now is definitely a good time to be looking (as long as you are planning to stay in the home for five or more years).
Want to know more? Need help? Then call us on 0845 838 1763 or email firstname.lastname@example.org
New Homes Data from Smartnewhomes
For more market commentary on a national or local level:-
|Statistic Measure||Feb 09||Mar 09||Apr 09||May 09||Jun 09||Jul 09||Aug 09|
|Average new home price||£227,893||£220,128||£220,955||£215,857||£214,846||£212,440||£217,058|
|Monthly % change||+2.8%||-3.4%||+0.4%||-2.3%||-0.5%||-1.1%||+2.2%|
|Three monthly change||+0.6%||-2.8%||-0.3%||-5.3%||-2.4%||-3.9%||+0.6%|
|Annual % change||-9.6%||-13.2%||-13.0%||-15.3%||-13.7%||-13.6%||-10.4%|
Contact Kate Faulkner on 07974 750562 or 0845 838 1763. To read more about Kate, please visit ABOUT US
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