New homes 'are becoming more affordable'

Posted: 24 Feb 2009 11:25:40 GMT

New-build homes in the UK are becoming increasingly affordable, recent data revealed.

Figures from SmartNewHomes.com found that the cost of new homes fell 2.1 per cent in January, bringing the annual rate of decline to 13.1 per cent.

This means that those looking for a property investment - such as a semi detached home - could pay up to £26,000 less than they would 12 months ago.

David Bexon, managing director of SmartNewHomes, commented: "The latest annual price fall of 13.1 per cent is the largest we have ever recorded.

"Developers are now marketing homes at some of the most affordable prices seen for over three years."

Now could be a good time to acquire a property in the UK, particularly in light of recent claims that mortgages are easier to get than many buyers think.

David Elms, chief executive of Unbiased.com, said there are still a number of options available for prospective buyers, despite the fact that the UK is gripped by "recession doom and gloom".

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