New homes for sale prices keep falling in UK
December 18, 2008 by OPPE News
photo credit: valentin.d
Prices of new homes for sale in the UK are still dropping, a report has said, with the average new build now going for £226,517.
Smartnewhomes.com released its latest index on the issue, saying the credit crunch was “continuing to bite” and drive down asking prices.
The new figures show the average has now fallen for six months in a row and is down 2.5 per cent between October and November.
The company also warned there was no immediate recovery in sight for sellers of new homes – but said there were plenty of people waiting to dip into the market.
Smartnewhomes managing director David Bexon said:
“Prices are certain to continue falling now into the new year, and I expect sales activity to reach its lowest level ever recorded in December.
“However, the extent of people waiting on the edge of the market became apparent in November, with the number of visitors to Smartnewhomes.com increasing by 14 per cent the day after the surprise decision to slash interest rates by 1.5 per cent.”
Developers had been dropping prices sharply towards the end of the year in an effort to sell stock faster, the site added.
Mr Bexon said people looking to buy a new home will “rarely be in a stronger position than they are in now”.
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