UK Money News
25th April 2008
New build prices rose last month
Prices for new build homes rose for the first time in three months during March, figures from SmartNewHomes shows.
A survey conducted by the property portal found that the price of a new home rose by 0.6 per cent during the month.
The rise, which was the first noted for new homes since December 2007, brings the average price of new home £257,430.
Rises varied among property types with detached homes up 1.6 per cent and penthouses up 9.4 per cent.
A statement from the site said the figures showed attested to the fact that the market is likely to slow moderately this year rather than fall into a slump.
It said: "This month's rise is a strong signal that house prices are likely to show some growth this year but at a much slower rate than last, as fewer buyers come to the market – concerned about finding a competitive mortgage deal and taking on high levels of debt at such an uncertain time.
"Confidence in the housing market has been hit by fewer competitive mortgage deals and tighter lending criteria. However, once recent interest rate cuts filter through to the market, the situation will be eased."
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