New home buyers benefit from record price falls
The average price of a new home fell 2.1% in January 2009, following a price freeze at the end of 2008. The annual decline of 13.1% is the largest year-on-year price fall recorded by SmartNewHomes.com, making new homes more affordable than ever. Someone looking to buy a new semi detached home now could be paying over £26,000 less than they would have just a year ago, while those looking to buy an average new apartment will typically be paying £33,000 less.
Commenting on the data, David Bexon, Managing Director of SmartNewHomes.com said:
“The rate of decline in new home prices picked up pace again in January, following a virtual standstill in December. The latest annual price fall of 13.1% is the largest we have ever recorded. Developers are now marketing homes at some of the most affordable prices seen for over three years.
To read the latest New Homes Index click here.
Date Published: 01 February 2009
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