London and Merseyside have highest number of new homes for sale
Buyers looking for a new home in England are more likely to find one in London, Merseyside and Greater Manchester as they are the locations with the highest number of new builds.
New research also shows that it is harder to find a new home to buy in Durham where just 23 new homes were completed during the whole of 2017, followed by the Isle of Wight with 24, Rutland with 53, Herefordshire with 93 and Bristol 144.
This in contrast to London where 8,522 new homes were completed in the same 12 month period, followed by 1,978 in Merseyside, 1,280 in Greater Manchester, 1,132 in Surrey and 964 in Hampshire.
Online housing agents Sellhousefast analysed available new homes for sale figures at a time when demand for new builds is rising. It pointed out that figures from the Ministry of Housing, Communities and Local Government (MHCLG) show that there were 163,250 new build dwelling completions in England in the year ending December 2017, a rise of 16% year on year.
It added that with Governmental initiatives such as Help to Buy, more and more people are interested in purchasing new build properties around the country and official figures also show that there was a 28.2% increase in sales from April 2017 to April 2018.
‘While older properties have their charm, there are plenty of reasons people choose to buy new builds. New build properties are increasing in popularity due to a competitive off-plan price, and governmental Help to Buy initiatives, making it a more prosperous and modern appeal to young individuals and couples who are looking to get onto the property ladder,’ said Robby Du Toit, managing director of Sellhousefast.
‘One of the most popular reasons new build properties are attractive is due to the minimal work prospective buyers need to do. And should issues arise, new builds are typically covered for a few years which means you do not have to pay for any work that needs to be carried out,’ he explained.
‘As well as this, home owners can expect lower energy bills and running costs if the property is built to the correct standards. Lastly, most new build properties come with a 10 year NHBS warranty,’ he added.