The average price of a new home fell by -1.2%, to £225,317, in June, according to SmartNewHomes. However, this price is still 3.4% higher than the previous year. This figure suggests that the new homes market is recovering year on year and remains resilient in the face of continued economic uncertainty says Steve Lees, director at SmartNewHomes.

He adds: “ Most developers are pricing competitively according to local markets, as part of a strategy to sell quickly and focus on the next project. We are now heading into the summer holiday season when many people put their home buying plans on hold, so I would expect the market to slow a little throughout July and August before picking up again in September.

“The regional picture is looking noticeably brighter than it was earlier in the year, with only three of the eleven regions showing monthly price falls in June. This suggests that the worst of the price falls may be behind us in the regions, although it may be some time before we see prices in areas such as the North and East Anglia showing a consistent pattern of growth.”