New house prices hold steady in December

22 January 2009

The average price of a new home recorded only a marginal monthly decline in December, falling to £226,409 – down less than 0.05% since November.

In December, the decline in new home annual price growth decreased for the first time since March, although prices were down significantly for the year as a whole at -11.6%.

Commenting on the data, David Bexon, Managing Director of SmartNewHomes.com said:“New home prices levelled off in December, with only a nominal fall recorded from the previous month. The rate of annual price growth recovered slightly from November, but the overall decline in new home prices recorded in 2008 remains significantly high, surpassing -10% for only the second time on our records.

“However, the decline in new home prices over the past year as a whole was less substantial than the downturn recorded in the re-sale market, with certain parts of the country reporting only very marginal falls in developer asking prices.”

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