New-build prices rise by 34% in five years in the East of England

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new-build house prices, housebuyers

According to new research by StripeHomes, new-build house prices in the East of England have risen by 34% to £373,829 over the past five years

As reported by Mortgage Introducer, The East Midlands and West Midlands also saw the price of new-builds rise by 33% and 31% respectively. The North East was home to the lowest new-build growth, but prices still increased by 16%.

According to StripeHomes, London has seen the second-lowest rate of new-build house price growth in the last five years, although again, prices are still up 22%.

Variations in the rate of house price growth

While the East of England is the regional leader for new-build performance, on a more local level prices are surging across different regions across the UK.

Corby in Northamptonshire, Salford in Greater Manchester, Thurrock in Essex, and Newport in Wales all saw prices rise by 44% in five years. In London, some areas still recorded strong appreciation; in Newham, new-builds have surged in price by 40% in five years, followed by Barking and Dagenham at 39%, as well as Redbridge at 38%.

Meanwhile, in the North West, where Advantage has its head office, new build prices increased by 29%.

James Forrester, managing director of StripeHomes, said: “When it comes to investing in bricks and mortar, the new-build sector remains one of the best in terms of a consistent return through buoyant house price growth.

“In the past five years, almost every area of the UK has seen new-build prices increase despite the impact of drawn-out political uncertainty caused by Brexit and multiple general elections.

“As a result, the sector remains popular amongst both new-build investors and developers, as well as residential homebuyers.”

Earlier this month, Advantage wrote that despite the impact of the coronavirus outbreak on the UK economy, prices for both new and previously owned homes had hit the highest levels on record in July driven by “exceptional levels of demand.”

 

Advantage Home Construction Insurance

Tel: 0845 900 3969

https://ahci.co.uk/

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