Average house prices for new build homes  in one part of the UK plummeted £43,078 in the past year, says Propertymark. 

Elsewhere, in the year to July, the North East saw new build prices drop  £37,123, and in the South West they fell by £30,826.   

However, many regions experienced price increases regarding newbuilds, with the East of England seeing a £20,763 increase year on year to £523,714. This was followed by the West Midlands where the average price of new build properties rose by £13,182 to £384,443.   

The analysis has been done by Propertymark, Nathan Emerson, its chief executive, says: “Any house price decreases often represent a positive opportunity for aspiring homeowners to progress with their ambitions regarding ownership. 

“We have witnessed a noteworthy mix of price fluctuations regarding new build properties in various areas across the UK. 

“However, with many mortgage providers typically willing to lend around five times an annual income, there are still substantial challenges to overcome regarding potential affordability for many when looking at average prices regionally regarding new properties.  

“Both the UK Government and the devolved administrations have clear cut challenges ahead of them to help ensure house prices are realistic. It remains vital than an enhanced flow of new homes reach the market in the areas where they are needed and the prospect of purchasing a home remains a practical ambition for those who aspire to own a home.”    

Across the entire UK, the average price for a new instruction for newbuild properties coming to the market stands at around £427,143, representing a substantial challenge for the affordability of many people according to Propertymark.