The latest research from Warwick Estates has revealed that across the UK market there are no less than 29 areas where homebuyers can climb the new-build property ladder for less than the cost of existing homes.
Warwick Estates crunched the latest data from the Land Registry which shows that the average new-build home currently carries a 33% premium compared to the price paid for existing properties.
However, a number of locations are currently home to a more affordable new-build price tag when compared to the rest of the market.
The biggest new-build bargains can be found in Surrey Heath, where the average new-build value of £320,476 comes in at -23% more affordable than the rest of the market.
St Albans also offers a more affordable foot on the ladder via the new-build sector, with the average new home costing -14% less than the wider average of £546,660.
The London borough of Richmond ranks top where the biggest new-build bargains in the capital are concerned. The average new home in the borough is currently commanding £612,536, -14% lower than the average of £710,325 across the rest of the market.
Three other pockets of the property market are currently home to a double-digit new-build discount including Oxford (-14%), Canterbury (-12%) and West Devon (-12%).
New homes are also 5%+ more affordable in Kensington and Chelsea, Harrow, Brighton (-9%), Brentwood (-8%), Lichfield, Runnymede, Hounslow (-7%), Islington, Haringey, Reading, the New Forest, Windsor and Maidenhead, Hertsmere and Bournemouth, Christchurch and Poole.
COO of Warwick Estates, Bethan Griffiths, commented: “House prices have boomed across the UK and this has been no different where the new-build market is concerned. In fact, new-build premiums remain some 33% above existing property values and despite delays caused by the introduction of EWS1 requirements, demand remains high.
Despite this, there are a notable number of areas that offer a more affordable foot via the new-build route and this presents a great opportunity for homebuyers looking to purchase a new property.”