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.”
| Area | New_Build_Average_Price | Existing_Average_Price | Difference |
| Surrey Heath | £320,476 | £414,408 | -23% |
| St Albans | £468,870 | £546,660 | -14% |
| Richmond upon Thames | £612,536 | £710,325 | -14% |
| Oxford | £388,704 | £447,504 | -13% |
| Canterbury | £292,586 | £331,340 | -12% |
| West Devon | £250,906 | £283,757 | -12% |
| Kensington and Chelsea | £1,135,215 | £1,251,619 | -9% |
| Harrow | £453,181 | £499,382 | -9% |
| Brighton and Hove | £358,798 | £393,960 | -9% |
| Brentwood | £414,765 | £450,173 | -8% |
| Lichfield | £263,301 | £283,014 | -7% |
| Runnymede | £404,050 | £433,525 | -7% |
| Hounslow | £412,747 | £442,663 | -7% |
| Islington | £636,260 | £672,842 | -5% |
| Haringey | £537,812 | £568,515 | -5% |
| Reading | £287,354 | £302,838 | -5% |
| New Forest | £344,829 | £362,627 | -5% |
| Windsor and Maidenhead | £480,271 | £504,631 | -5% |
| Hertsmere | £472,165 | £495,629 | -5% |
| Bournemouth Christchurch and Poole | £282,883 | £296,918 | -5% |
| Hammersmith and Fulham | £712,593 | £744,347 | -4% |
| Ceredigion | £209,587 | £218,256 | -4% |
| Tunbridge Wells | £392,012 | £404,481 | -3% |
| Spelthorne | £371,186 | £380,344 | -2% |
| Enfield | £410,573 | £419,531 | -2% |
| Trafford | £316,112 | £322,335 | -2% |
| Lewisham | £429,806 | £437,425 | -2% |
| Brent | £495,807 | £504,509 | -2% |
| Sevenoaks | £465,180 | £467,680 | -1% |
| United Kingdom | £329,801 | £247,967 | 33% |
| Data sourced from the UK House Price Index – New-build vs Existing (May 2021 – latest available) | |||
