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.
The worst performing new build are semis, down 17% in price year on year and the best performing, penthouse apartments, up by nearly 7% in price year on year. Clearly showing it's supply and demand, as well as affordability that drives the property market. As in any market some regions peform better/worse than others, with Yorks/Humber and the South West suffering 23% price decline, while London has increased by 10%!
New Homes Data from Smartnewhomes
| Statistic Measure | Feb 09 | Mar 09 | Apr 09 | May 09 |
| Average new home price | £227,893 | £220,128 | £220,955 | £215,857 |
| Monthly % change | +2.8% | -3.4% | +0.4% | -2.3% |
| Three monthly change | +0.6% | -2.8% | -0.3% | -5.3% |
| Annual % change | -9.6% | -13.2% | -13.0% | -15.3% |
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