Home Residential PropertyNew Build North Yorkshire ranks as the nation’s new-build hotspot

North Yorkshire ranks as the nation’s new-build hotspot

by LLP Staff Reporter
30th May 23 3:49 pm

Market analysis by peer-to-peer real estate investment platform, easyMoney, has revealed that North Yorkshire tops the table as the nation’s residential property investment hotspot when it comes to the greatest degree of new-build market activity in the last year.

easyMoney analysed new-build data on the number of new homes to have been started over the last year (2022 latest available) and which areas of the market across England have seen the largest degree of investment. 

The research shows that across England, construction started on some 177,200 new homes in 2022, with the South East seeing the largest degree of activity with 31,680 new-build homes started. 

The East of England (24,660), East Midlands (21,580), South West (20,870) and London (20,480) also saw a considerable level of new-build market activity, with construction starting on more than 20,000 new homes in each region. 

However, at local authority level, it’s North Yorkshire that ranks as the nation’s residential property investment hotspot where new-build starts are concerned. 

Over the last year, construction began on 2,310 new homes across North Yorkshire, the highest number of all local authorities. 

Greenwich ranks second with 2,260 new-build starts in the last year, while North Northamptonshire (2,140), Central Bedfordshire (2,080) and Wiltshire (2,040) also saw construction begin on more than 2,000 new homes in 2022. 

Other areas to make the top 10 include Cornwall (1,970), East Riding of Yorkshire (1,960), Cheshire East (1,950), Leeds (1,940) and Milton Keynes (1,940)

In contrast, Ipswich, Portsmouth and Sutton saw the lowest level of new-build market activity over the last year with just 20 new homes started in each area.

Jason Ferrando, CEO of easyMoney said, “Despite a tougher economic landscape, higher interest rates and a slower rate of house price growth, property remains a very strong investment and while the pace of the residential market may have slowed, we’re yet to see any significant signs that a downturn is on the horizon, let alone imminent. 

This resilient market sentiment is echoed across the residential new-build sector, with developers continuing to push forward, starting construction on a substantial level of new homes in the last year. 

However, it’s not just the volume of new homes coming to market that demonstrates the strength of the market, but also the diversity of areas benefiting from this residential investment. 

It’s not just one area where developers are hedging their bets, there’s been strong levels of market activity up and down the nation, from Cheshire to Cornwall, North Yorkshire to North Northamptonshire.

This bodes very well for the year ahead for the market at a topline level and while we may not see the meteoric market conditions of the pandemic return, the current outlook is far from negative.”

Leave a Comment

You may also like