Demand for new homes in the East Midlands surges by 46%

Demand for new homes in the East Midlands surges by 46%

The East Midlands is revealed as the fastest growing region for new home search in Britain, as the number of people searching for a new built property jumps by 46% in August.  This is compared with an overall -10% decrease in new home search across the UK.  The stat, released in this month’s WhatHouse? New Homes Index, is an encouraging sign that many home buyers consider the region to be the answer to their changing space requirements and lifestyle requirements post-COVID. 

  • The average price of new home property coming to market in the East Midlands is £304,485 (-3% since July), compared against the UK national average of £334,801 (-1% since July).   
  • Top three new home search areas during August: 

1.       South East of England – 31,293 new home buyer searches  

2.       West Midlands – 19,921 new home buyer searches  

3.       East Midlands has secured a top three search position with 16,760 new home buyer searches during August 2021, representing a 46% increase on July’s figures.  

•         Across the UK, August saw a -10% decrease in new home search, recording a total of 149,521 new home buyer searches, compared to 166,137 during July 2021.  The East Midlands has bucked this trend with a 46% increase. 

Regional home builders report that access to the stunning Peak District, great transport links, historic cities, and below national average new home asking prices of £304,485 may have contributed to the rise in East Midlands new home search – as home buyers seek more space and enhanced quality of life for their budget post-COVID.   

Daniel Hill, WhatHouse? Managing Director comments: “Over the past year, we’ve seen new home buyers’ priorities changing. More people are looking for a new build home with additional space for a home office or gym, and the need for outdoor space that arose in lockdown has maintained its crucial importance. We’ve also seen a substantial increase in people looking for new build homes outside of the traditional commuter zones.   

Demand for new homes in the East Midlands surges by 46%
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Demand for new homes in the East Midlands surges by 46%
BDC October 2022 issue - 297

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