New build house prices map: The cheapest areas to buy brand new homes

House prices: Expert discusses 'interesting' pricing differences

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Affordable housing has been at the forefront of the Government’s ‘levelling up’ agenda in a bid to solve the UK’s housing crisis. With new build properties being erected across the country, first-time buyers are beginning to get a foot in the door through Government financing schemes. An estimated 43,290 new build homes were completed in the final quarter of 2021 alone – but where in the UK will you find the cheapest newly built properties?

How have house prices changed?

House prices reached a new high in 2021, with average growth reaching nine percent across the UK.

With the demand for homes remaining consistently high into 2022, research from Unlatch has revealed there is still a strong appetite for new build homes.

According to the latest figures released in the Government’s Housing Supply report, it is estimated that:

  • Private Enterprise (dwellings built for private sale, private renting, and by non-registered providers) delivered 78 percent of new builds
  • Housing Associations contributed to 20 percent of the UK’s new builds
  • Local Authorities account for just two percent of new build dwellings

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Across the UK, 35 percent of new-build homes currently on the market have already been purchased by eager buyers – but how does it affect the cost of these modern properties?

Analysis from the Government’s UK House Price Index for September 2021 found that new builds were selling for 14 percent more on average compared to those sold in July 2020.

The average price for a new build in July 2021 was recorded as £357,759 while existing properties sold for a lower price of £263,010.

With the average price of a new build home stretching far beyond the cost of dated homes, there is still a lot to say about the affordability of these new properties.

Where are new build homes the cheapest

Unsurprisingly, the north-south divide remains prevalent in the new build housing market as well as existing property sales.

North East England

The North East has come out on top with the lowest average cost for a new build property.

New builds in North East England will cost eager buyers an average of £135,584 – well below the national average.

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Scotland

Scotland is a close second with the average sale of a newly built home fetching £157,862.

This is £199,897 lower than the UK’s national average.

Wales

Coming in as the third cheapest region to purchase a new build property is Wales.

Buying a home here will cost an average of £176,594 when considering a new build.

Yorkshire and The Humber

Costing a little more than £3,000 over the asking price in Wales, properties in Yorkshire and The Humber sell for an average of £179,642.

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North West England

There is a larger disparity between the North East and the North West regions of England when it comes to new-build sale prices.

With an average sale value of £182, 270, new build properties in the North West will cost home-buyers around £46,686 more than their North East competitors.

The full ranking is as follows:

  • North East – £135,584
  • Scotland – £158,862
  • Wales – £176,594
  • Yorkshire and The Humber – £179,642
  • North West – £182,270
  • East Midlands – £209,770
  • West Midlands – £213,450
  • South West – £276,985
  • East of England – £306,335
  • South East – £340,295
  • London – £493,617

How will house prices change?

Andrew White, head of Residential and International Properties at Colliers told Express.co.uk: “Not once has the Government’s house building target been achieved, even when it was at 250,000 new homes a year two years ago.

“This lack of new supply will ensure a continuation of house price rises, alongside the return of five per cent deposit options and the Bank of England considering relaxing stress testing as well.”

Following a bit of an exodus from cities during the pandemic prices in regional areas saw a rapid increase, but Mr White believes that will stabilise this year.

He added: “All of these factors combined is why we anticipate there will be a 4.2 percent increase in house prices this year.”

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