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Positive outlook for new homes market in 2011

Wednesday, 29 December 2010 3:14 PM

Next year's outlook for the UK new homes market is "positive", despite the sector still being "hampered" by strict mortgage lending criteria, according to newhomesforsale.co.uk.

Vernon Pethard, managing director of the company, said that the new-build market was set to see the release of "many new developments", while there is also renewed confidence among buyers about the state of Britain's economy.

"The coalition government may be making some unpopular decisions, but there is a sense that problems that need tackling are being tackled, which adds a degree of confidence for homebuyers when compared with the uncertainties which abounded prior to the election," he explained.

Mr Pethard's remarks follow predictions from the Royal Institution of Chartered Surveyors (RICS) that house prices looked set to fall by around two per cent next year, while the number of repossessions could ease slightly, to around 33,000 in 2011.

Meanwhile, SmartNewHomes.com reported recently that the average price of a new home increased by four per cent in November, bringing the typical value to £220,654.

Looking at 2010 as whole, prices of new UK properties increased by 1.1 per cent over the full 12-month period, according to the website's findings.

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