The latest research from Warwick Estates reveals that new-build homes carry a 40% premium compared to existing properties but that, in some regional markets, new-builds are actually up to 20% more affordable.
With the festive season upon us, many people are keen to buy a new home before Christmas. But today’s housing market is expensive, and new-builds, on average, even more so. Britain’s average house price is £250,411. The average for a new-build is £351,002; a premium of 40.2%.
However, there are 31 British regions where you can purchase a new-build home for less than an existing property, the top-10 of which could make ideal locations for a Christmas new-build purchase.
In Surrey Heath, the average price for existing homes is £420,277 while the average for a new-build is -22.9% less at £324,096.
In St. Albans, the average new-build price of £482,227 is -15% cheaper than the average for an existing home, while new-builds in Richmond-upon-Thames are -14.7% cheaper.
New-builds are also the more affordable option in Oxford (-14.5%), Kensington & Chelsea (-13%), Canterbury (-12.1%), West Devon (-11.3%), Harrow (-10.2%), Brighton & Hove (-10.1%), and Brentwood (-8.5%).
COO of Warwick Estates, Bethan Griffiths, commented:
“Time is running out to find a new home before the year is out and while you’re unlikely to make it in time for Christmas, new-build homes do offer a far more streamlined process due to the fact there is no onward sale to worry about.
While new-builds do tend to come with a premium due to a range of benefits such as energy efficiency and low maintenance requirements, there are a number of areas where you can climb the new-build ladder for less than the cost of an existing home.
In fact, buyers throughout much of southern England’s pricey market can make substantial savings by choosing to buy new so it’s always well worthwhile checking what's available on the new-build market to suit your budget.”
Data sourced from UK.Gov: House Price Index (Average price - New-build and existing) using the latest available data, July 2021.