New-build property prices continue slump
The average cost of new build property across the UK is falling, contributing to the property slump, according to research.
A survey by smartnewhomes.com has revealed that the average price of a new home was £248,755 in July, down 1.3 per cent on figures from June.
The unstable property market has led to more people choosing to rent property in the UK and especially to rent in London.
London property prices showed a decline from May to June this year, with figures from July to August not looking much better.
"Price developers are marketing their homes, against the amount buyers indicate they are actually willing to pay," said David Bexon, managing director of the website.
"During the peak in new home prices last July, the gap between stock and demand prices was the biggest ever recorded," he added.
With the average London property now being priced at £377,855 more people are deciding to rent flats and houses in London.
Published 21st August, 2008
© 2008 Estates IT Limited
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The average cost of new build property across the UK is falling, contributing to the property slump, according to research.