New-build property prices £26,090 higher than 2021

WhatHouse? has published its analysis on data that shows new-build property prices are £26,090 higher in 2022 than they were in 2021.

Key points from data:
  • 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.   

“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.” 

 

Kindly shared by WhatHouse?

Main article photo courtesy of Pixabay