According to Paul Farrow of the Telegraph new build house prices began to fall in 2006 and not 2007. He give an example of a home in East Anglia that was valued at £246,995 in April 2006 and is worth £225,000 today. A reasonable fall of 9pc according to the Nationwide House Price Index calculator. He argues that this online tools does not differentiate between a new-build and older homes. In reality the home would be worth as little as £120,000, if it were a new build.