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UK Property Market
independent property advice
New Property Prices Fall by 3.4%
According to surveys, the cost of new homes went down by 3.4 percent last year.
The average price of a newly build property decreased by almost £10,000 last year, falling from £264,709 in March 2006 to £255,695 in March 2007, according to SmartNewHomes.Com.
This trend continued in the past three months, as the market witnessed a two percent drop in new-build homes’ prices.Experts claim that prices fell as a consequence of new developments in the north, where properties are sold for far less money.
In spite of this, detached new properties saw a price rise of 1.3 percent in March, reaching £317,424.Semi-detached newly build houses fell by 0.5 percent, and a drop was also registered in the prices of penthouses. SmartNewHomes stated that this fall, however, does not suggest a sharp drop like the one in 2006, but it can be linked to a positive reaction from the market.
In contrast, buyers are willing to pay more for a new home – this confidence will lead to a rise in new-build homes prices, the company followed. Regionally, new property in south-west increased by 3.7 per cent, while in
This article was submitted by Daniel McNeill. Daniel is also one of the three orginal writer on GlitsyDitszy and has started to become a authority on facial redness treatment.
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