Press Release Summary: The new homes market cooled in August, providing the latest proof that prices are caught in a downward spiral.
Press Release Body: According to figures from SmartNewHomes, new house prices fell by 1.1 per cent in the month and 0.6 per cent in the last three months.
It is bad news for anyone seeking a quick property sale for a home that they may have inherited through a bereavement or won in a divorce battle as it shows that interest in the market is falling.
Interest rate rises are also being blamed, with new buyers apparently fearful of missing mortgage payments and suffering the indignity of home repossession.
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\"August has clearly shown a drop in prices as earlier interest rises begin to bite,\" said David Bexon, managing director of SmartNewHomes.
\"New homebuyers are rightly being more cautious before taking on a bigger financial commitment,\" he added.
It was recently revealed by Rightmove that house prices fell by 2.6 per cent in September.
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2022
