Over the last year, 12% of all property transactions in Britain have been new-build homes, but in Britain’s new-build homebuyer hotspots they account for as much as 46% of sales.
Research from property developer, StripeHomes, analysed property transaction figures from the Land Registry to reveal which areas have been home to the highest level of new-build sales as a percentage of all transactions.
Regionally, the North East, London and the East of England are Britain’s new-build homebuyer hotspots, with 14% of all property transactions accounting for brand new homes.
However, the London Borough of Tower Hamlets ranks as Britain’s hottest spot for new-build property sales. Over the last year, a massive 46% of transactions in the borough have been new build homes.
Greenwich is the nation’s second-hottest spot for new-build transactions, with new-build homes accounting for 32% of all sales in the last year.
East Lothian, Vale of White Horse, Wokingham and South Derbyshire have also seen 30% or more property transactions attributed to the new-build sector.
Hackney, Harborough, Bracknell Forest and Cherwell also rank within the top 10.
Gosport has seen the lowest level of new-build transactions as a percentage of all transactions. Just 0.16% of sales in the last year were new-build homes. Blaenau Gwent, Hastings, Portsmouth and the Western Isles also saw less than one per cent of sales attributed to the new-build sector.
Managing Director of StripeHomes, James Forrester said, “The new-build sector plays an incredibly important role in stimulating the national property market, in terms of both the availability of stock and its positive influence on house price growth.
“Particularly now, buyers are opting for new-build homes due to the fact that no one has resided there previously and so the risk around COVID-19 is far lower. In a much stricter climate, they also provide a more straight forward transaction in terms of actually moving in, and so we expect over the next year at least, new-build sales will grow in prominence.
“This new-build activity will help maintain the current momentum seen since the property market reopened on a longer-term basis.
“So regions with an above-average level of new-build transactions, such as the North East, London and the East of England, should see a more buoyant market performance despite the wider pandemic when compared to regions such as Yorkshire and the South West.”