New build property prices £26,090 higher than 2021

Press release: 10.06.2022

• Price of new build property coming to market hits a record of £384,738, up by 7.2% from the same period last year (+£26,090).
• Nationwide, the number of people searching for new build properties is 8% higher in May than in April.  Overall, search activity levels remain strong and - following a 7% decrease in April as home hunters reassessed affordability – is again significantly higher than pre-pandemic.
• The number of people searching for ‘second-stepper’ and ‘forever’ homes is up 14% nationally.  Indicating that homeowners already on the property ladder are comfortable with the new ‘affordability-normal’ and are keen to benefit from the many advantages of a new build-property.
• However, the number of people searching for Help to Buy properties is down 18% nationally possibly indicating that affordability and increased deposit requirements are causing first-time buyers to reconsider plans to purchase a first home. 
• New build stock levels have increased nationally by 7%.  The numbers are led by an increase in three and four bedroom semi-detached and detached homes, which are most in demand by buyers.

New data from whathouse.com, the UK’s leading new home audience platform, reveals that new build property coming to market has hit a record of £384,738, up by 7.2% from the same period last year (+£26,090).   Findings of the whathouse.com New Homes Index also reveal that interest rate and cost of living increases do not appear to have dulled plans to move to a new build home for many as the number of people searching for new build homes increases to 50,398 in May (+3,534, an 8% increase on April 2022). 

Daniel Hill, Managing Director, whathouse.com comments:

“The data appears to show that - despite economic uncertainty - new build homes are storming ahead of second-hand properties when it comes to consumer confidence and desirability, and it’s no surprise why.  The reality is that the pandemic drastically changed what people want from their home and the current economic uncertainty means lower maintenance costs and energy efficiency are now a priority. 

The UK’s new home developers have responded intelligently, with semi-detached and detached properties conceived with homeworking in mind, boasting energy-efficient designs and sustainable construction techniques. Added to this, homeowners can often customise the design and finishings and negate the risk of anything going wrong thanks to a new home warranty such as National House-Building Council (NHBC).

As a combination of monthly outgoings and ability to borrow affect affordability, the first-time buyer market is extremely difficult to predict.  However, with the Government bringing forward the Help to Buy scheme’s property reservation deadline by two months to October - ahead of the scheme’s conclusion in March 2023 – we anticipate a final flurry as first-time buyers lock in fixed-rate mortgage deals and ensure they’ve legally exchanged on their home before the cut off.”

Notes to Editors:

The WhatHouse? New Homes Index is based on data sourced from the whathouse.com new homes audience platform.  The Index is compiled using a sample representing approx. 400,000 new home buyer searches across England, Scotland and Wales per year and its findings are reflective of whathouse.com user experiences and geographic market share. 

The information and data in this report was correct at the time of publishing and every attempt is made to ensure its accuracy. However, it may now be out of date or superseded. Whathouse.com make no representation or warranty of any kind regarding the content of this report and accept no responsibility or liability for any decisions made by the reader based on the information and/or data shown here.

About WhatHouse?

Whathouse.com is the UK’s leading new home audience platform. For more than 30 years’ its aim has been to inspire UK homebuyer decisions around new property. With a comprehensive directory of over 7,000 new homes, from the UK’s most celebrated housebuilders, WhatHouse? makes it easy for buyers to consider the diverse range of property types and tenures available and to find their perfect new home match.  The annual WhatHouse? Awards started out back in 1980 and is dubbed ‘the Oscars of the housebuilding industry’.  

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