Mortgage Solutions reports a second consecutive monthly fall in new home prices during July, recorded by SmartNewHomes.

Since June the average price of a new home has fallen by a further 1.3 per cent, taking the overall drop since last year to a whopping 5.1 per cent.

This will alarm those who find themselves looking to find the best remortgage deals, as the equity in their new-build property falls.

Davis Bexon, MD of SmartNewHomes, commented: “House price growth was not sustainable at the levels recorded this time last year.”

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