Thu 19 Jun 2008
New home prices rise across some regions
The price of new homes across some parts of the UK, particularly the south east, appreciated for the second consecutive month, according to the latest monthly index report from SmartNewHomes.In April, the south-east accounted for 36% of all new homes for sale, boosted largely by a strong resurgence in apartments, along with a continued demand for larger family homes. The reports reveal that average price across the region rose by 1.9% in the month, up 7.1% compared to the corresponding month last year.
David Bexon, managing director of SmartNewHomes.com commented: “In recent months it has become clear that demand is going through a period of correction. Whereas apartments have been at the forefront of new development for a number of years, detached homes are now performing well, accounting for around quarter of all new homes and with prices up 2.5% in April.
Apartments still remain a popular home choice in some regions, as indicated by increased demand and strong prices in the south-east.”
Jo Richards Marketing and Corporate Manager at Hillreed Homes, developers in Kent and Sussex says: “Working at ground level in this market place, we are very aware of the continued interest in family homes and apartments, an area in which we specialise. Brand new homes offer exceptional value for money and give homeowners peace of mind as everything is guaranteed so there are no unexpected repair bills or DIY to worry about.
“As a company we are also offering a number of incentives to assist people to buy including shared equity, mortgage subsidy scheme, part exchange and 5% deposit paid plus a variety of other methods to help those who want to move, to be able to do so. Property still represents good value for money and excellent long-term investment potential. Prices are pretty steady as the difficulty is often not in the price but being able to secure sufficient funds or a complete chain to proceed.”
Bexon concluded: “I expect to see a recovery here, and across the board, as homebuyer confidence continues to increase, thanks to a plethora of excellent developer incentives and signs of enhanced mortgage availability now starting to filter through.”
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