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New homes performing well as wider market cools

Commenting on the data, Steve Lees, of SmartNewHomes.com said:

“The summer is traditionally one of the quieter times of year for the property market, so a slight cooling in the rate of price growth is only to be expected. This is particularly true this year as, following strong price rises in spring driven by an imbalance between supply and demand, June saw a significant increase in stock on the resale market as sellers looked to cash in on potential gains. The increase in properties for sale also coincided with the scrapping of HIPs as well as the emergency budget, which will have led some house hunters to re-evaluate their financial situation.

“Although the net result of these factors has been downward pressure on new home prices, it is clear that they are also short term issues that should not disguise the overall strength of the market. The figures for both the three month and annual changes point to slow but steady growth in a stable market.”

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