The price of a new build home has plummeted in parts of Britain in the past year, with some areas outside of London seeing falls of around £40,000 (€46,000), writes Ed Magnus.

Across England, the average asking price of a new build in July was £489,917 (€568,167), according to Propertymark, the membership body for estate agents.

This represents a £19,115 (€22,168) dip when compared to the £509,032 (€590,336) recorded in July last year.

Certain locations are seeing far bigger falls, however.

Average prices for new build properties in the East Midlands dipped by £43,078 (€49,958) over the year to £360,193 (€417,724).

The North-East saw new builds fall in value by £37,123 (€43,052) on average to £317,989 (€368,779), and in the South-West they fell £30,826 (€35,749) to £442,397 (€513057).

London saw the biggest annual fall, amid a wider slump in the capital's property market.

In July this year, the average new build was on sale for £845,866 (€980,970), which is £122,770 (€142,379) lower than a year earlier.

This represents an opportunity for buyers to snap up properties cheaply.

"Any house price decreases often represent a positive opportunity for aspiring homeowners to progress with their ambitions regarding ownership," said Nathan Emerson, chief executive at Propertymark.

However, many regions have also seen price increases, such as the East of England, where a new build grew in value by £20,763 (€24,079) to £523,714 (€607,363).

In Ireland, the average price of a new build in October of last year was €420,000, 30 per cent more expensive than existing homes.