Search for new homes  soars +11%

Press release: 10.08.2022

Figures released today in the whathouse.com New Homes Index reveal that the number of house hunters searching for new build homes rose +11% in July – a sizeable increase over the previous month – despite record prices and rising interest rates. Search rises were reported in every single region, and across every key sector, reflecting the high level of interest nationwide in buying a new build home, even in the face on ongoing economic and political uncertainty.

• Searches for new build properties were highest in the North East (up +23% month-on-month) and in the North West (+18% month-on-month), highlighting the popularity of areas with comparatively affordable property prices. The average price of a new build property rose only marginally in July, up by +0.3% from June to £348,049.
• Even luxury new build property searches increased +22% nationally in July, despite a -67% drop in London – the largest search area, where the rising cost of living and affordability concerns are likely to be most notable. The London decrease was offset by search rises in multiple other regions including South East England (+190%), South West England (+50%) and Wales (+100%), which suggests that the trend for post-pandemic relocations fuelled by new lifestyle requirements is far from over.
• Help-to-Buy searches also rebounded in July, increasing +12% nationally in comparison with June, as prospective buyers rush to beat the final October reservation and December completion deadlines before the Help-to-Buy equity loan scheme ends. Similarly, searches for Part Buy Part Rent (Shared Ownership) rose +25% nationally in July versus June, led once again by the North East region, which registered a substantial +213% upsurge.

Daniel Hill, Managing Director, whathouse.com comments:

“This month’s positive data regarding new build searches highlights that predictions about a widespread collapse in the housing market are extremely premature. Demand – across all key sectors and all regions covered – remains robust.

High prices, the general cost-of-living crunch, and especially August’s interest rate rise to 1.75% - the biggest jump in 27 years - may well cause buyer demand to gradually cool later this year. But for now, our search data shows that there is a continuing desire to move, and it seems that those who are in a position to buy are keen to act now rather than wait, perhaps in a bid to lock in more favourable fixed-term mortgage rates. New-build homes offer so many benefits compared with second-hand properties, including lower running, maintenance and repair costs, all of which help to keep monthly outgoings more manageable, which will be a key consideration going forward.”

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’.  

Contact our press team:

WhatHouse? Online Press Centre

Call Jill Willis: 07855 409970

Email: [email protected]