Where new builds are most common

19 August 2020 | General

The proportion of transactions involving new builds are most common in the North East (10.9%), East Midlands (10.7%) and London (10.7%), research by property developer StripeHomes has found.

Within London, 40% of all transactions in the last year were new builds in Tower Hamlets, while in Hackney and Greenwich the sector accounted for 28% of all properties sold.

Outside of London, South Derbyshire (27%), Vale of White Horse (26%), Salford (26%), Harborough (24%) Cherwell (24%), Wokingham (24%) and Bracknell Forest (22%) were also home to a major percentage of new build sales.

James Forrester, managing director of StripeHomes, said: “As a Newcastle-based company, we couldn’t be prouder to see the North East leading the nation in terms of the highest proportion of new-build homes sold.

“This is a real testament to the great work going on in the region when it comes to delivering top quality schemes to a range of market segments, from students to young professionals, and even second and third rung buyers.

“Of course, not every region or even every local authority has benefitted from such a high level of new-build homes. In fact, you could argue we need more across the board, as current levels are still woefully inadequate given the demand we’re facing for housing in England and Wales.

“Hopefully, the latest changes to planning reforms announced by the government this month should go some way in addressing this.”

Wales (5.4%) was the region with the lowest proportion of new build sales.

This post has originally been featured in Property Wire.