29 Jan

New homes in London 'becoming cheaper'

New homes in London 'becoming cheaper'

The average price of a new home in London is £18,000 lower than a year ago, despite a nine per cent rise in prices at the end of last year, according to new figures.

SmartNewHomes.com's monthly index shows that the average price of a new London home in December was £420,983 - a 4.1 per cent drop compared to the same month in 2006.

While other areas have also suffered fall average price falls, London's average price is still 181 per cent higher than the average price of a home purchased by first-time buyers - £150,000.

David Bexon, managing director of SmartNewHomes.com, said: "While there is no denying that London has outperformed any other region in December, our index shows that new homes are cheaper in London now than a year ago.

"This could be the deciding factor for families who may have been debating whether to stay in the capital or look to upgrade to a larger family sized home elsewhere."

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