London Housebuilders Overbuild chasing ‘hot money’ – New House Prices Fall by 21%

Startling report in the FT

The average price of a new-build property fell in London by 21 per cent in the 12 months to July 2011 but average prices in England, Wales and Scotland rose by 1.4 per cent, monthly data from Smartnewhomes has shown

Although Smartnewhomes is the least reliable of all house price surveys. No seasonable adjustments. No weighting for volume. But confirms news coming from elsewhere the mini ‘billionaire boom’ has peaked.

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