Monday, August 22, 2011
Highly reliable data hot off the FT press
New data shows stark regional differences in new-build property prices. The average price of a new-build property fell in London by 21 per cent in the 12 months to July 2011 but average prices in England, Wales and Scotland rose by 1.4 per cent, monthly data from Smartnewhomes has shown. In London a new-build property would now cost Â£330,637 compared to Â£220,788 in Scotland, England and Wales. Annual average growth has fallen back from 3.4 per cent in May and June which is indicative of the summer lull in demand for property from buyers during the summer months and housebuilders incentivising sales Smartnewhomes claimed a drop in asking prices in July suggested homeowners were also taking a "more realistic" approach in a quieter market.