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New Built Houses

New Build House Prices November 2010

Increased stock and a lack of buyers is pushing prices down in the new build sector at the moment. Although this is likely to be a temporary phenomenon driven more by the season than an indication people don't want to buy new build. Stock is still incredibly short, despite 24% more new homes coming onto the market in October versus September 2010. We are still hardly building any homes compared to pre credit crunch numbers.

Top performing areas for October continued to be Yorkshire Humber (+3.7% YOY).
Other good performings include the East Midlands (+3.3%) and for the first time, Wales (+1.9%) 

Areas that continue to suffer from a new build perspective include Greater London (-22% YoY). Despite the 'south' generally doing quite well from a buying/selling and pricing perspective, Greater London's success isn't been seen from a  new build perspective and prices are well down year on year and continue to fall each month. Other areas that aren't performing too well include Scotland which is down by 13.6% YoY.  Everywhere else seems to be pretty much on a par over the last few months and year on year.

Steve Lees, Marketing Director of Smartnewhomes.com doesn't hold out much hope for an improvement in new build property stock, or prices for 2011:-

“Through 2011, the banks will have to begin the process of repaying money to the government, as well as working with the FSA on regulatory reform for the mortgage market, meaning that in all probability the current mortgage drought is set to get worse before it gets better." Steve continues "In addition, a new and untested planning system, which will not become law until June at the earliest, is delaying schemes and leading the major housebuilders to pursue explicit policies of growing margins rather than increasing volumes." Steve concludes "Given that building levels are already at record low levels, the supply of new homes will be one of, if not the, key determiners for the property market as a whole in 2011."

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 MeasureAug 10Sep 10Oct 10
Average new home price£219,629£222,561£212,103
Monthly % change+0.9%+1.3%-4.7%
Three monthly change-0.4%+2.2%-2.6%
Annual % change+1.2%+4.9%-1.3%

Statistic MeasureFeb 10Mar 10Apr 10May 10June 10July 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 MeasureAug 09Sep 09Oct 09Nov 09Dec 09Jan 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 MeasureFeb 09Mar 09Apr 09May 09Jun 09Jul 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
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