New Homes Market Update April 2009

Commentary by Kate Faulkner
The new homes market is an excellent market to track what's happening with property prices in the open market. Unlike second home owners, developers have to sell their properties, so they drop prices as much as they can and is required to secure a sale. They also though stop building though, so stock quickly drops. In fact developers are expected to build 70-80,000 properties this year, normally we'd expect (and for the future need) around 250,000 per year to plug the supply/demand gap. 

New Homes Data from Smartnewhomes

Statistic MeasureFeb 09Mar 09Apr 09
Average new home price£227,893£220,128£220,955
Monthly % change+2.8%-3.4%+0.4%
Three monthly change+0.6%-2.8%-0.3%
Annual % change-9.6%-13.2%-13.0%
For more market commentary on a national or local level:-
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