The fastest-growing areas for new homes in England

The fastest-growing areas for new homes in England have been revealed in the analysis of the latest Office for National Statistics data.

Key points from research:

• • The London Borough of Tower Hamlets topped the list with 664 new residential property sales in small areas during 2022.
  • Ryedale, North West Leicestershire and Mid Suffolk also ranked among the fastest-growing small areas for new homes.
  • Approximately 18,841 newly-built residential properties were sold across small areas of England last year.

With mortgage rates reaching a 15-year high and interest rates spiralling upward, purchasing a new home has become a fantasy for many people across the UK. 

Despite the disheartening housing market, some areas across England continue to sell new homes at an exciting rate, making them some of the country’s most sought-after destinations.  

Experts at A-Plan Insurance analysed figures from the Office of National Statistics on the number of sales of newly-built dwellings across small areas in England during 2022 with between 400 and 1,200 households. These figures were compared with the total volume of properties sold to reveal the hidden gems with the highest rate of new property sales.   

Approximately 665,279 homes were sold in small areas over England in 2022 and newly-built properties made up 2.83% of the total, with many local council areas performing significantly better than the national average.  

The results are:  

1. The London Borough of Tower Hamlets  

The London Borough of Tower Hamlets was crowned the fastest-growing area in England for new homes, with new property sales representing almost 25% of the total housing sales in small areas last year. Of the 2,706 homes sold in 2022, 664 were newly-built dwellings. 

2. Ryedale  

Located in rural North Yorkshire, the area of Ryedale has a population of 54,700 scattered across various picturesque villages. Approximately 106 newly-built homes were sold in Ryedale’s smaller communities during 2022, making up 13.37% of the total residential properties sold in these districts. 

3. North West Leicestershire  

Property owners in North West Leicestershire reside in the fastest-growing area for new homes in the East Midlands. 2022 saw 1,503 homes sold in the district’s small areas, 157 of which were new dwellings. For every 10 homes sold, one was a newly-built property. 

4. Mid-Suffolk  

New homes are becoming increasingly common in the countryside towns and villages of Mid Suffolk. A total of 142 newly-built homes were sold in Mid Suffolk’s less populated areas last year, which made up just over 10% of the residential properties sold in these areas during the same period. 

5. Preston  

One of the most densely populated areas in Lancashire, Preston, has a population of 147,900 across 142 km squared. In 2022, 1,804 homes were sold in the region’s smaller communities, 173 of which were newly-constructed dwellings. Almost 10% of homes with sales completed were new properties, making Preston a top-performing area for new-builds.  

6. Eden  

Despite being one of the least populated areas on the list alongside Ryedale, with 54,700 inhabitants, Eden remains one of the fastest-growing places in England for new homes. Sales were finalised on 801 homes in 2022, including 70 newly-built properties.   

7. Telford and Wrekin  

Home to one of England’s newest towns, Telford, and with a growing population of 185,600, Telford and Wrekin is becoming an increasingly popular choice for homeowners. Over 2,000 homes were sold in the local authority’s small areas in 2022, while sales were also completed for 182 new-build dwellings.  

8. Tendring  

Located by the sea in Essex, Tendrig District is becoming a popular destination for new homes. Approximately 2,555 homes were sold in the Council area’s less populated districts during 2022, with newly-built properties making up almost 9% of the total (220). 

9. Broadland  

Crowned the most peaceful place to live in the UK by the UK Peace Index in 2013, Broadland’s population has since grown to 131,700. As people relocate to Norfolk’s tranquil countryside, Broadland has emerged as a top location for new homes. In 2022, 163 newly-built homes were sold in the region’s smaller areas, representing 8.61% of the total homes sold.   

10. South Derbyshire  

South Derbyshire is among the highest-performing areas in the East Midlands for new home sales. With a population of just over 100,000 and attractions like the National Forest, the area is becoming an attractive option for those residing in the East Midlands. The number of homes sold within small communities reached 1,648 in 2022, including 137 new-build sales.  

A spokesperson from A-Plan Insurance commented on the findings:

“Approximately 18,841 newly-built properties were sold throughout all of England’s small areas in 2022.

“Developers provide homes of all shapes and sizes for prospective buyers, from detached, semi-detached and terraced houses to flats and maisonettes.” 

“As families and individuals continue to struggle with the weight of the cost-of-living and increasing mortgage rates, it is promising to see that some of the country’s less populated areas continue to thrive with the sales of new homes at a great rate.”  

Kindly shared by A-Plan Insurance

Main photograph courtesy of Pixabay