Study reveals new build hot spots in England and Wales
Across England and Wales, 11% of sales already this year have been of new build properties, while in London they account for some 13% of transactions, according to new research.
The London borough of Tower Hamlets has had the most new home sales at 42%, followed by the Vale of White at 32%, Greenwich in London at 30% and then Basingstoke and Deane at 29%.
South Derbyshire and Slough also recorded 29%, Harborough and Rugby both 27%, while Harrow and Southwark were both at 25% and among the top 10 hottest spots for new build sales in 2019.
Looking at London only, Barnet and the City of London recorded 23%, Hackney 21% Islington and Newham both 19% and Kingston 13%. The area with the lowest percentage of new builds is Gosport with just 0.2% of sales.
‘As a nation, we’re in desperate need of more housing stock and while the Government’s delivery of this has been inadequate at best, it’s good to see that there are pockets across the nation where new build properties are hitting the market and being snapped up by buyers,’ said Michael Stone, chief executive of new home specialists Stone Real Estate.
He pointed out that Help to Buy has played a big part in fuelling this demand and over the last six years the firm has seen the new build sector perform consistently as a result, despite the wider uncertainty of the UK property market, while in London the new home market is driven by second and third rung buyers as much as it is first time buyers.
‘New build developments are now providing a lifestyle that appeals to numerous segments of the market, whether it be young professionals or families and more. These tailored living environments are taking it above and beyond a roof over your head which resonates amongst buyers and should see the popularity of new build homes continue to climb,’ Stone explained.
‘However, more must be done to incentivise the big housebuilders to continue delivering these homes as in some areas, the level of new build stock is almost non-existent,’ he added.