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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 MeasureFeb 10Mar 10Apr 10May 10June 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 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
Mob  +44 (0) 7970 646872
Fax: +44 (0) 1530 264018

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