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The past unseasonable defy has caused concern prices to fall, according to a newborn study.

Research carried discover by SmartNewHomes reveals that the average outlay of a newborn concept attenuated by 0.3 per cent over the instruction of June to 260,073 in comparison to the 260,832 transcribed in May. The decrease was attributed to slummy defy over the terminal two months - which has included the wettest June on record - which was reportable to hit caused many potential first-time buyers to delay purchase a bag until conditions improve. During the month, borrowers were also said to be opinion the impact of the Bank of Englands monetary policy committee selection to increase the humble evaluate by a quarter of a per cent on their ability to make secured give repayments.

Figures from the financial services concern also indicated that over the terminal three months, concept prices hit accumulated by 1.7 per cent, compared to the 255,695 noted in March. Meanwhile, Junes figures were reportable up by whatever 0.6 proportionality points from the aforementioned period in 2006.

David Bexon, managing administrator of SmartNewHomes, said: With rates seemingly on the up and the nonindulgent defy conditions old in June extending substantially into July, I emotion we should prepare for a further start in toll over the reaching months. He also claimed that a number of consumers may encounter any plans for moving will be substantially and genuinely on the back burner, pointing to statistics from the Department for Environment Food and Rural Affairs estimating that more than 20,000 properties hit been strained by past flooding.

In addition, emotion of added evaluate uprise is still rife among the bag owning public, with Julys uprise exclusive fuelling further concern. A growing number of existing homeowners are opinion progressively cautious about taking on any additional debt at much an uncertain time and many first-time buyers are retentive off, waiting for more attractive fixed-rate deals before committing to their prototypal mortgage, Mr Bexon added.

Figures from the concern indicated that the prices of newborn homes in the Greater London district hit fallen dramatically over the terminal year, detractive by whatever 11 per cent since June to an average toll of 368,511. However, the top was reportable to still be the most expensive Atlantic in the land to acquire a newborn home. Consequently, due to grouping hunting to advise discover of London, nearby regions much as East Anglia and the south-west were reportable to be witnessing crescendo concern prices with the Atlantic transcription growth of 14.6 and 10.9 per cent respectively over the terminal year. The think added that prospective concept purchasers at the modify modify of the harm could encounter homes under the 125,000 barrier in the north of England as the location continues to offer low concern prices and relic favourite with newborn bag buyers.

Last week, Moneyfacts warned concept buyers against relying on comparison charts offered by banks and antiquity societies when hunting to take discover a mortgage. The financial services concern claimed that lenders ofttimes hide the flooded toll consumers will be susceptible to make in secured give repayments each period by not making borrowers aware of the true outlay of different arrangement fees.

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