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New Homes Commentary for January 2010

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The new homes market surprised everyone as prices increased once more over Xmas period. I expected prices to slow as buyers got caught with Xmas shopping, but perhaps the lower stamp duty had more of an impact than anticpated. 

David Bexon from Smart New Homes sums up the new build's remarkable year:

"The average price of a new home rose by 1.1% in December 2009, bringing the total annual change for the year to just -2.6%. The market has made a remarkable recovery from the trough in May 2009 when new home prices had fallen by -15.3% annually."

As ever though, property performance differs widely across the country. London by far outperforms every other region with an average price of £486k and increase in prices by +27% in 2009 (SmartHomes Index). Some of this increase though could be that new builds being bought were the more expensive ones as FTB's struggle to finance new build purchases.

At the other end of the scale, the West Midlands fell in the other direction by -26% year on year, reflecting the lack of supply and demand even in a recession in London and other areas where stock has been increased substantially while demand has fallen through the floor.

Other regions that ended up year on year are the South West and East Midlands, the latter doing well against a 'low base' as prices started to falter in this region as far back as 2006.

For full details of regional new homes performance, visit Smart New Homes

Want to know more about buying a new home? Need help with a new homes problem?
Call us on 0845 838 1763 or email enquiries@designsonproperty.co.uk

New Homes Data from Smartnewhomes

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%
 

Statistic MeasureAug 09Sep 09Oct 09Nov 09Dec 09
Average new home price£217,058£212,124£214,909£218,160£220,537
Monthly % change+2.2%-2.3%+1.3%+1.5%+1.1%
Three monthly change+0.6%-1.3%+1.2%+0.5%+4.0%
Annual % change-10.4%-10.2%-7.5%-3.7%-2.6%

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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