The company believes a number of factors combine to make this the optimum time to buy a new build property.
New build prices are down nearly 20% on their peak in July 2007, and are now comparable with the second hand market, despite the superior energy efficiency, design standard and other cost-saving benefits unique to buying new. However, new home prices are now beginning to show strong signs of stabilising, with the rate of annual decline decreasing rapidly since May, as competition among buyers begins to intensify.
New stock is being made available in September and October as developers look to capitalise on a strong summer market. However, the supply shortage is set to hit heavily in 2010, restricting the time remaining to secure the best new home prices.
SmartNewHomes.com is urging those who have been delaying a purchase, to get back into the market and take advantage of the low prices and attractive developer incentives while they are still available.
David Bexon, managing director of SmartNewHomes.com, commented: "With new home prices lower than they have been in years and a large number of developers set to release new stock following a surge in reservations this summer, autumn 2009 is shaping up to be one of the best ever periods to secure a new home.
"Over the last two months newbuild prices have started to stabilise, but unlike the re-sale market, where asking prices have increased rapidly, developers remain cautious and are unlikely to introduce any significant rises in the final quarter of the year.
"Developer incentives are as readily available as ever, and the autumn supply boost will create new options for buyers to take advantage of improving mortgage availability. However, all industry voices continue to warn of an imminent stock shortfall, which will inevitably lead to strong positive price growth for new homes."
