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The areas offering a new-build house price bargain vs the wider market

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The latest research from Warwick Estates has revealed that across the UK market there are no less than 29 areas where homebuyers can climb the new-build property ladder for less than the cost of existing homes.

Warwick Estates crunched the latest data from the Land Registry which shows that the average new-build home currently carries a 33% premium compared to the price paid for existing properties.

However, a number of locations are currently home to a more affordable new-build price tag when compared to the rest of the market.

The biggest new-build bargains can be found in Surrey Heath, where the average new-build value of £320,476 comes in at -23% more affordable than the rest of the market.

St Albans also offers a more affordable foot on the ladder via the new-build sector, with the average new home costing -14% less than the wider average of £546,660.

The London borough of Richmond ranks top where the biggest new-build bargains in the capital are concerned. The average new home in the borough is currently commanding £612,536, -14% lower than the average of £710,325 across the rest of the market.

Three other pockets of the property market are currently home to a double-digit new-build discount including Oxford (-14%), Canterbury (-12%) and West Devon (-12%).

New homes are also 5%+ more affordable in Kensington and Chelsea, Harrow, Brighton (-9%), Brentwood (-8%), Lichfield, Runnymede, Hounslow (-7%), Islington, Haringey, Reading, the New Forest, Windsor and Maidenhead, Hertsmere and Bournemouth, Christchurch and Poole.

COO of Warwick Estates, Bethan Griffiths, commented:

“House prices have boomed across the UK and this has been no different where the new-build market is concerned. In fact, new-build premiums remain some 33% above existing property values and despite delays caused by the introduction of EWS1 requirements, demand remains high.

Despite this, there are a notable number of areas that offer a more affordable foot via the new-build route and this presents a great opportunity for homebuyers looking to purchase a new property.”

Area New_Build_Average_Price Existing_Average_Price Difference
Surrey Heath £320,476 £414,408 -23%
St Albans £468,870 £546,660 -14%
Richmond upon Thames £612,536 £710,325 -14%
Oxford £388,704 £447,504 -13%
Canterbury £292,586 £331,340 -12%
West Devon £250,906 £283,757 -12%
Kensington and Chelsea £1,135,215 £1,251,619 -9%
Harrow £453,181 £499,382 -9%
Brighton and Hove £358,798 £393,960 -9%
Brentwood £414,765 £450,173 -8%
Lichfield £263,301 £283,014 -7%
Runnymede £404,050 £433,525 -7%
Hounslow £412,747 £442,663 -7%
Islington £636,260 £672,842 -5%
Haringey £537,812 £568,515 -5%
Reading £287,354 £302,838 -5%
New Forest £344,829 £362,627 -5%
Windsor and Maidenhead £480,271 £504,631 -5%
Hertsmere £472,165 £495,629 -5%
Bournemouth Christchurch and Poole £282,883 £296,918 -5%
Hammersmith and Fulham £712,593 £744,347 -4%
Ceredigion £209,587 £218,256 -4%
Tunbridge Wells £392,012 £404,481 -3%
Spelthorne £371,186 £380,344 -2%
Enfield £410,573 £419,531 -2%
Trafford £316,112 £322,335 -2%
Lewisham £429,806 £437,425 -2%
Brent £495,807 £504,509 -2%
Sevenoaks £465,180 £467,680 -1%
United Kingdom £329,801 £247,967 33%
Data sourced from the UK House Price Index – New-build vs Existing (May 2021 – latest available)
       
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BDC 314 : Mar 2024