New research has revealed that 11 per cent of sales this year have been new build property across England and Wales, while in London that number is 13 per cent.
Tower Hamlets in London has had 42 per cent new home sales, followed by the Vale of White, Greenwich, Basingstoke and Deane.
South Derbyshire and Slough had 29 per cent of new home sales, followed by Harborough and Rugby both at 27 per cent. Harrow and Southward were even at 25 per cent putting them among the top 10 most popular new build spots in 2019.
When looking just at London, the City of London and Barnet both recorded 23 per cent, 21 per cent in Hackney, 19 per cent in Islington and Newham, and 13 per cent in Kingston.
Michael Stone from Stone Real Estate said, ‘As a nation, we’re in desperate need of more housing stock and while the Government’s delivery of this has been inadequate at best, it’s good to see that there are pockets across the nation where new build properties are hitting the market and being snapped up by buyers.’
The new build sector has performed well over the last six years which can largely be attributed to the Help to Buy scheme. Despite uncertainty around the UK property market more generally.
Michael Stone went on to explain: ‘New build developments are now providing a lifestyle that appeals to numerous segments of the market, whether it be young professionals or families and more. These tailored living environments are taking it above and beyond a roof over your head which resonates amongst buyers and should see the popularity of new build homes continue to climb’.
‘However, more must be done to incentivise the big housebuilders to continue delivering these homes as in some areas, the level of new build stock is almost non-existent,’ he added.