New Homes Commentary for November 2009
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The new homes market shows more boyant figures for October, no doubt showing the increased desire for people to move prior or just after Xmas. We expect a slowdown for late November/December figures, but as stocks are pretty low and new build is such good value for money at the moment, buyers are keen to purchase where they can.
Demand seems highest for properties just under the 3% stamp duty limit (£250,000) and so we see second time buyers who already have some equity in their homes buying rather than first time buyers. As a result detached homes are only down a few percent versus last year and up nearly 5% for the month.
And for buyers holding out for more falls, be careful as stock of new builds is still low and prices do appear to be rising. Wimpey for example are already reported to have put prices up slightly. No need to rush into anything, but watch carefully what's happening. And, don't forget, if you are looking to buy new build you can part exchange your old home and you get better deals at developer's year and half year ends.
David Bexon, Managing Director of Smartnewhomes comments "The continued discrepancy between stock price and demand price (the average amount buyers are looking to pay) in the new homes market, not only indicates the high level of consumer confidence but also points to the type of property buyers are looking for. Demand price has remained above £240,000 for the past three months, suggesting that the property types currently in highest demand are larger, family homes."
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New Homes Data from Smartnewhomes
| 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% |
| Statistic Measure | Aug 09 | Sep 09 | Oct 09 | Nov 09 |
| Average new home price | £217,058 | £212,124 | £214,909 | £218,160 |
| Monthly % change | +2.2% | -2.3% | +1.3% | +1.5% |
| Three monthly change | +0.6% | -1.3% | +1.2% | +0.5% |
| Annual % change | -10.4% | -10.2% | -7.5% | -3.7% |
For more market commentary on a national or local level:-
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