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New Homes Commentary for March 2010

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February 2010 property statistics do not make good reading - unless you've been predicting a 'double dip' in property prices! New build homes which have shown some staggering increases on a regional basis for the latter half of 2009, even succumbed to a fall in the average price, albeit a very small one.

Simon Bexon from Smart New Homes summarised January's new build results:-

"The demand price spiked significantly in October and November, at one stage breaching the £260,000 barrier. Although it has now fallen back to a more reasonable £236,701, the gap between the demand price and stock price still stands at over £18,000. This suggests that there is a strong level of pent-up demand which is only being held in check by the continuing restrictions on credit in the mortgage market"

Unfortunately although I think new builds can be a great purchase at the moment, I don't believe there is 'a strong level of pent-up demand' in 2010.

In fact I think the election and latest round of bad economic news suggest that demand will stay pretty level this year - and we won't benefit from the 'pent up' demand which caused a flurry of activity this time last year (in 2009).

Regional Performance

All areas suffered a month on month decline, but places such as London, South West and Yorks and Humber still managed to hold onto small annual growth, +23%; +13.4% and +1.3% respectively.

Places that continue to struggle to perform include the West Midlands (down 24% year on year); North West (-14.7%) and Wales (-14.4%).

Watching what happens in the new build market through February and March into April will really give a good idea of what will happen in the rest of the property market - so watch this space!

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 10
Average new home price£215,186
Monthly % change-1.6%
Three monthly change-1.4%
Annual % change-5.6%

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%
 

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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