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NEW HOME PRICES SEE SUMMER LULL

NEW HOME PRICES SEE SUMMER LULL (Buying)

by administrator @, Monday, August 22, 2011, 10:50

The average price of a new home fell by 2% in July, extending the first price fall of 2011 in June.

Positive growth, however, was recorded on a three-month and annual basis, up 0.5% and 1.4% respectively.

Steve Lees, Director of SmartNewHomes said: "As predicted, buyers have opted to delay the hunt for a new home until the Autumn, with housebuilders pricing competitively in order to sustain momentum in a quieter market.

"There are some excellent deals to be had, especially for those buyers who start their search now. We expect buyer activity to resume in September, especially as the government's new shared equity scheme, FirstBuy, launches at developments across the country.

"The Government has made some moves to help ease the UK's chronic housing shortfall and while mortgage finance has improved and the threat of a bank rate rise recedes, strict lending criteria remains an obstacle to short-term market recovery."

www.SmartNewHomes.com


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