The latest research from Warwick Estates reveals where in the UK homebuyers have the best chance of purchasing a much sought after new build home.
The new build housing market has endured a difficult 18-month period, but with COVID-19 finally starting to disappear in the rearview mirror and the demand for housing at an all time high, the future looks bright for the new build sector.
There are currently 748,258 homes for sale in the UK. Of these, just 7.1%, or 53,330, are new builds. There are, however, eight UK locations where the new build sector is much more prominent and claims a market share well above the 7% national average.
First and foremost is Cambridge. Of the 1,390 homes currently on the market, an impressive 16.8% are new builds.
Edinburgh comes next with new builds accounting for 12% of the 3,187 homes currently on the market.
In Manchester, 11% of the 8,856 homes currently for sale are new builds, while in Aberdeen, new builds account for 9% of the available stock.
In both Birmingham and Belfast, new build homes also account for 9% of the market, while in London and Liverpool it’s 8%.
At the other end of the spectrum, Portsmouth is home to the lowest percentage of new build homes currently on the market for sale. Of the 2,603 available homes, just 0.7% are new builds. This is followed by three Welsh cities – Newport, Swansea, and Cardiff – where the new build market share is is between just two and three per cent.
COO of Warwick Estates, Bethan Griffiths, commented: “The new build sector has worked tirelessly throughout the pandemic to ensure that more new homes reach the market to help satisfy the huge demand seen as a result of the stamp duty holiday.
Of course, ongoing pandemic restrictions have reduced the quantity of new build stock reaching the market and while the sector still accounts for a substantial level of homes for sale across our major cities, we should see this availability increase as normality returns over the coming months.”