The areas offering a new-build house price bargain vs the wider market

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.