New Homes in London are Cheaper than a Year Ago

While other regions have also suffered marginal average price falls or stagnation, London's average price is still 181% higher than the average first time buyer home of 150,000, (nearly three times the amount), putting this market firmly out of reach for this group.

SmartNewHomes.com said: "While there is no denying that London has outperformed any other region in December, our index shows that new homes are cheaper in London now than a year ago. This could be the deciding factor for families who may have been debating whether to stay in the capital or look to upgrade to a larger family sized home elsewhere.

"During 2008, London will remain a market with pockets of activity such as the Olympic regeneration zone as well as in key areas such as Lewisham, Brent Cross and Elephant & Castle."

For more information and to search the database of new homes visit: http://www.smartnewhomes.com/

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