New Homes Market Update May 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.

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 MeasureFeb 09Mar 09Apr 09May 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%
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
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Tel  +44 (0) 1530 263221
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Fax: +44 (0) 1530 264018

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