The latest research from Warwick Estates has revealed which pockets of the new build market are currently achieving the largest house price premiums when compared to the existing market.
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Comparing New Build Property Prices In Britain
Warwick analysed the latest new build property prices and how they compare to the existing market across each area of Britain, with the research showing that nationally, new builds are selling for 29% more than existing homes.
The North East is home to the greatest new build price premium at 53%, with Scotland (44%) and the East Midlands (40%) also performing well.
At just 3%, London is home to the lowest new build price premium when compared to the wider market.
However, this premium can climb far higher when analysing the market at local authority level. In Harlow, the average new build house price is currently £565,501, a huge 106% more than the average of £275,077 seen across the existing market.
Blaenau Gwent is also home to an impressive new build price premium, coming in 99% higher than the wider market, with Gravesham (93%) and Preston (90%) also home to a 90%+ price premium.
Torfaen (89%). West Dunbartonshire (87%), Rochford (87%), Middlesbrough (83%), Merthyr Tydfil (80%) and Nuneaton and Bedworth (80%) also rank within the top 10 highest new build house price premiums.
Boom In UK's Housing Market
COO of Warwick Estates, Emma Power, commented:
“Despite the uncertainty posed by the pandemic the UK housing market has boomed and this is no different where the new build market is concerned.
New build homes have continued to command a price premium in every region of Britain and this is not only good news for those developers delivering them to market, but also to new build homebuyers who continue to see their investment hold its value.
In the best performing areas, new build property prices are as much as double that of the existing market which is proof of the value being added by the sector to the wider DNA of the national property market.”
Table shows the new build and existing average house price across each nation/region of Britain and the difference
Table shows the top 10 areas with the highest new build price premium (%) when compared to the existing market
- Warwick Estates was founded in 2007, and acquired by Aldridge in 2017 with the ambition to grow and strengthen the business.
- The goal of growth is one that unites the Aldridge family today across the diverse range of commercial and philanthropic activities in which it operates.
- Over 40,000 properties are managed for freeholders, asset funds, housebuilders and housing associations - a combined value of over £9bn.
- Annual revenues exceed £10million
- Warwick Estates is run by a newly strengthened management team of industry heavy-weights with decades of combined industry experience - chaired by Adrian Ringrose, former CEO of Interserve
- Current head-count is 186 staff at seven office locations throughout England
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