Further price cuts entice bargain seekers
The average price of a new home fell 3.4% in March 2009, following the monthly increase recorded in February. This is the largest monthly price fall recorded since the downturn began in the new homes market in 2007, taking the annual decline above 13% for the second time this year.
Commenting on the data, David Bexon, Managing Director of SmartNewHomes.com said:
“The trend we are seeing in the new homes market reflects the erratic price fluctuations currently being recorded across the majority of the UK house price indices. While individual figures showing positive monthly growth do not amount to an upturn, the irregular patterns are indicative of a changing market, and we should take this as a positive sign that the rate of house price decline is at least diminishing.
To read the latest New Homes Index click here.
Date Published: 01 April 2009
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