What Are New Build House Prices Doing?
The SmartNewHomes.com New Home Index figures for December 2008 reveals that the average new house price is £226,409. The figure is down 12.8% from the new house price peak of £259,675, recorded in July 2007. Interestingly, the 2008 annual decline was 11.6% (less than even the most optimistic all properties statistic from the big three mentioned above) and the monthly change November to December was 0%. David Bexon, Managing Director of SmartNewHomes.com, said: ‘While the re-sale market recorded a sharp fall in house prices in December [average 2.2% decline], the new homes market remained static. The decline in new home prices over the past year as a whole was also less substantial than the decline recorded in the re-sale market, with areas such as Scotland reporting minimal falls.’ Bexon notes that new homes are still being marketed at a higher value than re-sale property, and continue to command a premium from buyers who are keen to take advantage of the excellent incentives developer
