New homes more affordable

08-Nov-2005

The cost of buying a new home is becoming more affordable, as latest figures show that prices haves fallen again.

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Figures showed that the sale prices of new properties fell during October, with prices 0.2 per cent lower than September, helping more first time buyers to afford their ideal home.

The outlook for potential property buyers is positive, according to the report, with the average cost of a new home now at £255,327, which is 2.4 per cent less than the same time last year.

Aspiring homeowners in London have seen the biggest drop in new home prices, followed by the south-west, the West Midlands and properties in the north of the UK.

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Analysts believe that prices will remain stable over the coming months and that more first time buyers will look to getting on the first rung of the property ladder.

"This situation is unlikely to change much as we approach the festive season," confirmed David Brexton, managing director of SmartNewHomes.

Townhouses displayed the biggest fall in value, dropping 6.6 per cent in the last three months, while new apartments were found to have gained in popularity among aspiring homeowners.

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