New home prices nearing re-sale prices as credit crunch continues to bite
The average price of a new home fell for a sixth consecutive month in November, taking new home prices to £226,517 – down 2.5% since October. In November, the rate of annual house price growth in the new homes market showed the sharpest decline of 2008, dropping from 9% in October to 11.8%.
Commenting on the data, David Bexon, Managing Director of SmartNewHomes.com said:
“New home prices continued their downward progression in November, with annual growth falling to its lowest level recorded all year – now 11.8% down on the average price recorded in November 2007. This is the lowest average we have recorded, and is the first time on our records that annual growth has surpassed -10%.
To read the latest New Homes Index click here.
Date Published: 01 December 2008
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