In September, The Q Living luxury apartment brand began implementing Experience by Alfred into its two current properties, The Q Variel and The Q Topanga. These apartment communities are located in Woodland Hills, Los Angeles and The Q Living collection of apartments plans to expand its portfolio to other communities
Zoopla have recently announced that the continued demand for more space has seen the supply of three and four-bedroom family homes become the most stretched of all housing types. With this in mind, Shanly Homes is delighted to be offering a selection of three-bedroom properties ideally placed for families to
Transformative new digital showhome software, launched today, will bring newbuild sales into the 21st Century and allow housebuilders to get ready for the expectations of post-COVID buyers. The HomeSelector, developed by award winning PropTech company, Pixel, allows potential buyers to browse newbuild projects online. Buyers can virtually walk through each
Development sales and marketing specialist business Site Sales, is on a significant growth drive throughout North London and the Home Counties, with the aim of selling 2,000 properties a year by 2025. The business is already widely known with a significant number of partnerships including Housing Associations, local councils, registered
Manor Interiors, the expert in build-to-rent furnishing solutions, has revealed which major UK cities offer the best opportunities for build to rent developers based on the highest levels of apartment living vs the rest of the rental market. Build to rent is designed for people who are looking for a
The latest research from Warwick Estates has revealed which regions of the property market in England and Wales are currently the leasehold homebuyer hotspots. Warwick Estates analysed price paid data from the Land Registry over the last 12 months to see where the most leasehold homes are selling. The figures
Trent Bridge Quays, a new residential development of 95 homes on the banks of the River Trent, has now opened the first waterfront apartments to prospective buyers looking for their dream waterside property. Located on Meadow Lane, a short distance from the centre of Nottingham and close to West Bridgford,
The latest research from the homebuying platform, Yes Homebuyers, reveals the biggest homebuyer turnoffs, from subsidence to nuisance neighbours, and the financial consequence they can have on the value of a home. Homebuying is a complex process that requires due diligence and thorough attention to detail. It is also likely
Data released today in the WhatHouse? New Homes Index reveals that buyer interest in luxury new build homes across Britain has increased by 25% during July, a sign that changing space requirements and lifestyle priorities continue to alter the new home market. Looking ahead, we expect this growth to continue, as post-pandemic life returns to normal and home buyers can make firm decisions based on new lifestyle requirements. The national average price
The latest research from Warwick Estates has revealed how the new-build market has outperformed the rest both where price growth and price premiums are concerned since the turn of the Millenium. The average homeowner is thought to spend 21 years in a home on average, so Warwick Estates analysed new-build
In September, The Q Living luxury apartment brand began implementing Experience by Alfred into its two current properties, The Q Variel and The Q Topanga. These apartment communities are located in Woodland Hills, Los Angeles and The Q Living collection of apartments plans to expand its portfolio to other communities in Los Angeles. The Q distinguishes itself among other complexes in the area with its best-in-class amenity and service offerings that cannot be found anywhere else in the area. These include its tech forward and innovative build, smart apartments with voice control, monthly events, 24/7 concierge, access to drivers, state-of-the-art fitness center, and broad range of partnerships. The most recent of these, its upcoming partnership with Alfred, further highlights The Q’s commitment and emphasis on providing the optimal resident living experience. In totality, The Q represents an entirely new segment in Los Angeles living, bringing a dramatic shift to the lifestyle residents enjoy and ushering in a new era of luxury residential living. Experience by Alfred brings tech-enabled building operations, amenities and lifestyle solutions to properties throughout the country, and includes some of the most unique resident experiences seen in the industry to date. The platform benefits both tenants and building owners, providing services such as remote property management, easy rent payments, resident events, move-in kits, regular apartment cleanings, package management, grocery pickups, and a vast array of other human- and tech-powered offerings. Focusing on blending high-level hospitality with convenient living solutions and task management, Alfred’s services perfectly complement The Q’s mission of offering elevated community living with smart building technology and innovative approaches to luxury residential living. Once implemented, Experience by Alfred aims to result in benefits such as increased renewals, higher resident engagement, happier residents measured through Alfred’s proprietary NPS diagnostic tools, and a greater number of referrals to support leasing efforts. Alfred’s omnichannel approach to community engagement – from organizing and coordinating social events for residents such as cooking classes and mini-golf outings, that include local businesses’ products and services, to resident welcome kits and special offers tailored to each building’s demographic – Experience by Alfred provides unique opportunities for residents to come together and foster a stronger sense of community. “The Q Living Brand’s partnership with Hello Alfred was a perfect and seamless match,” said Edan Evenhaim. “The Q holds its residents’ living experience as its highest priority, and Alfred is the leader in offering luxury apartment residents convenient and reliable services.” “Alfred prides itself on partnering with organizations and properties whose values and missions reflect our own priorities and approach to nurturing communities,” said Marcela Sapone, CEO of Alfred. “The Q stands out in its class due to its ability to capture the boundless energy of San Fernando Valley’s Warner Center and combine that vibrancy with the style of sophisticated and connected living that Alfred provides. When put together, this results in an unparalleled living experience that will grow The Q’s communities even further and offer an escape from the ordinary.”
Zoopla have recently announced that the continued demand for more space has seen the supply of three and four-bedroom family homes become the most stretched of all housing types. With this in mind, Shanly Homes is delighted to be offering a selection of three-bedroom properties ideally placed for families to enjoy all that Epsom has to offer. With one three-bedroom apartment remaining at Epsom Reach and a selection of three-bedroom houses available at Millside Place, families should act fast to grab up one of these stunning family homes. Homes at Epsom Reach and Millside Place are both designed to accommodate the modern family. Properties at both developments feature open-plan kitchen/living/dining rooms, providing the perfect hub for all the family to get together. Contemporary kitchens feature a range of integrated appliances. All three-bedroom homes feature modern family bathrooms complete with luxury Minoli tiling, and there is the added luxury of a sleek en-suite to the primary bedroom. Greg Kaye, Head of Sales at Shanly Homes, comments: “Epsom is well-suited for family living and we are delighted to be able to offer suitable properties at both Epsom Reach and Millside Place. With excellent schools, spectacular green spaces and a plethora of high street amenities, Epsom offers everything that families need within walking distance. The stylish three-bedroom properties are designed with family living in mind, guaranteeing space and comfort. We encourage anyone that is interested in buying a new family home in Epsom to book a visit to one of our sites as soon as possible.” Ideal for families, Millside Place is located near a range of exceptional schools. For younger children, Epsom Primary School, Wallace Fields Infant School and Wallace Fields Junior School are all high-rated and located within a mile of both developments. Epsom has a wide selection of secondary schools including Rosebery School and Glyn School, both of which are rated ‘Outstanding’ by Ofsted. There is also an excellent range of independent schools available in the local area, including Downsend Pre-Prep School and Ewell Castle School. Epsom is the ideal place for families to enjoy a range a shops, restaurants and leisure facilities. In the town centre The Ashley Centre plays host to over 50 shops, including The Body Shop, New Look and Marks & Spencer. The Odeon Luxe Cinema and the Epsom Playhouse boast an impressive collection of new cinema releases and live independent performances. A range of popular restaurants are located nearby include Bills, Caballo Lounge and Prezzo. Those who enjoy cooking or baking at home, can buy everything that they will need at the nearby Sainsbury’s superstore. Families in Epsom can also enjoy the stunning green spaces available locally. Nearby Alexandra Recreation Ground is popular with dog walkers, and features a children’s playground as well as a variety of sports pitches. Roseberry Park is also just a short walk away, with a children’s play area and duck pond providing the perfect spot for a gentle evening stroll. Epsom Downs is less than two miles away from both developments, a plethora of walking trails that enjoy unrivalled panoramic views across Surrey. Those prepared to travel a little further can also enjoy the spectacular Surrey Hills Area of Outstanding Natural Beauty. Epsom Common is just a 10-minute drive away from either development, offering further walking routes and views across the stunning Epsom Lake East. Epsom also offers exceptional travel connections for those hoping to travel further afield. Epsom train station provides direct connections to a range of destinations, including Horsham (39 minutes), Guildford (34 minutes), Dorking (16 minutes) and London Waterloo (36 minutes). The M25 is also nearby, providing easy access to the wider motorway network. For those hoping to set off on a family holiday abroad, Gatwick Airport and Heathrow Airport will serve all international travel needs.
Transformative new digital showhome software, launched today, will bring newbuild sales into the 21st Century and allow housebuilders to get ready for the expectations of post-COVID buyers. The HomeSelector, developed by award winning PropTech company, Pixel, allows potential buyers to browse newbuild projects online. Buyers can virtually walk through each property with and without furnishings, walk around the streets of the development, see birds-eye perspectives of plots and floorplans, compare and shortlist multiple properties, and click to reserve a house before they’ve had a chance to visit the site in person. In a pre-launch commercial trial, Pixels HomeSelector saw buyers spend ten times longer, on average, engaging and interacting with properties than before the software was integrated to the homebuilder’s site. The longer buyers were engaged, the more likely they were to buy, which was reflected in dramatically increased newbuild sales during the pilot. Steve Smith, Director at Pixel, says, “These days people expect to be able to view, reserve and buy almost any trivial item online. But when it comes to the most important purchasing decision of your life, buying a home, the sales process is really antiquated. “As a result of the pandemic, more and more people are looking to move further afield, so visiting sites and viewing showhomes in person is not always practical or even possible. Housebuilders are no doubt aware of this change in buyer behaviour, and Pixel’s HomeSelector gives them the opportunity to get ready for this new era of house buying. “But it’s more than that, it’s an opportunity for firms to make a long overdue quantum leap in how they do things. Pixel’s HomeSelector is more than just a new piece of software, this is the Netflix to the traditional showhome’s Blockbuster.” Pixel’s HomeSelector software is fast loading, intuitive and adaptable, to augment existing sites seamlessly. To find out more or request a demo, visit, www.pixel-future.com.
Development sales and marketing specialist business Site Sales, is on a significant growth drive throughout North London and the Home Counties, with the aim of selling 2,000 properties a year by 2025. The business is already widely known with a significant number of partnerships including Housing Associations, local councils, registered charities and developers and a proven track record in sales delivery. Formed over two decades ago by Murray Smith, Site Sales started with just three members of staff, helping in selling land and providing sales and marketing services in London and the South-East. An ambitious, forward-thinking company, it first worked with the likes of Persimmon and Laing, before embarking on its first landmark scheme, Stratford Eye for L&Q. Fast forward 20 (+ – CHECK) years and the company now employs approximately 60 staff and has sold over 3,000 homes equating to £1.4bn worth of property over the past five years. As part of its expansion, Site Sales has recently made several key appointments including: Emma Jefferson who joined as Partnerships Director following 6 years’ experience at New London Architecture, Crissi Russo, Sales manager who joins from LB of Southwark, Alexandra Fitzpatrick Sales Manager specialising in the customer journey, and Martin Fillery Director of Southern Home Counties. Martin joins from Complete Moves and comes with over 18 years’ experience in the industry. Murray Smith, Founder and Managing Director, comments: “Our aim at Site Sales is to provide a full range of exemplary development, sales and marketing services to support any client in their development ambitions – across London and the Home Counties. Despite the challenges presented by the pandemic, we are pleased to have driven successful sales for a broad range of clients across both the private and affordable housing sectors. Buyer confidence is gaining strength and we are launching two big schemes in Barnet and Canning Town which will deliver over 300 units between them alone. He continues: “The company will aim for steady growth – as well as expanding the Southern Home Counties, we will establish a Northern Home Counties division. As always, our business is fuelled by delivering a high-quality service to all our clients. Our committed staff have over 100 year’s sales experience between them, dedicated to our client’s needs.” Over the years, Site Sales has been an integral part of the evolution of the ‘not for profit’ sector and has assisted many organisations on their individual paths into speculative development, as well as having many private developer clients. The team has worked for 20 regional councils and 14 different Housing Associations including 9 of the 12 G15 Housing Associations, working on projects with all tenures. Murray adds: “We have worked for 24 different clients on 105 different schemes – much of our business has been repeat. Our clients know us and trust that our highly experienced and expertly trained staff will deliver above and beyond their expectations, from site acquisition to sales and aftercare.” Historically, Site Sales has worked on numerous landmark schemes (704 units at Athletes Village, dispatched in 18 months, among many others) and continues to do so. Today, Site Sales is marketing a range of developments throughout London and the South East, including Park View Place in Tottenham, August fields, a Guinness Homes development in Newhaven, Optivo a collection of 63 mixed-tenure homes in Battle, Old Farm Place a range of homes by BexleyCo Homes in Sidcup.
Manor Interiors, the expert in build-to-rent furnishing solutions, has revealed which major UK cities offer the best opportunities for build to rent developers based on the highest levels of apartment living vs the rest of the rental market. Build to rent is designed for people who are looking for a modern way of life; city living with a focus on community and amenities. Therefore, UK cities where city-centre flat-living is already prevalent present the best opportunity for the BTR sector as they are already primed for a build to rent revolution. In the UK and on average, flats account for 64% of all properties currently available to rent, a national average that a good number of UK cities make look very small indeed. The city in which flats have the biggest rental market share is Edinburgh. Of 562 properties currently available for rent, 505, or 90%, are flats. This, therefore, suggests that flat-living is a key focus of demand for Edinburgh residents and presents a prime opportunity for the build to rent industry. Scotland’s second city, Glasgow, also comes second on the list as flats account for 89% of the properties currently available to rent in the city. Using Rentola Glasgow is sure way to find the best place to live. London is third with flats accounting for 88% of the 45,285 currently available rent, while in Newcastle, flats make up 79% of the market. Bournemouth currently has just 508 properties on the rental market and 385 of them, or 76% are flats, while in Manchester, flats account for 73% of the market. The rest of the UK cities in which flats have an above-average market share are Sheffield (68%), Bradford (67%), Nottingham (66%), Cardiff (65%), and Liverpool (64%). There are a number of UK cities in which flats have a below-average market share, most notably Leeds (39%), Swansea (43%), and Portsmouth (48%) – the only three cities where flats account for less than half of the rental market. CEO of Manor Interiors, Farhan Malik, commented: “Flat living is the clear choice for many city-dwellers and a high propensity for renting apartments means many of our major cities are already primed and ready for the build to rent to revolution. In some cases as many as 90% of all properties are flats and apartments, so the desire for urban living is clear and build to rent is helping to accommodate this demand with fit for purpose developments targeted towards the modern tenant. “Build to rent developments offer a step above the standards of your typical private rental flat, a step up in sophistication and quality and, perhaps most of all, a superior tenant experience. We expect the sector to continue to establish a strong foothold as it has already done in London in particular, and developers can be confident that demand will be high.” Table shows what % of the rental market flats account for in major UK cities, listed from highest % to lowest Location Total – rental properties Flats – rental properties Flat rental stock % Edinburgh 562 505 90% Glasgow 752 667 89% London 45,285 39,675 88% Newcastle 1,407 1,116 79% Bournemouth 508 385 76% Manchester 3,720 2,718 73% Sheffield 1,339 905 68% Bradford 340 227 67% Nottingham 1,985 1,304 66% Cardiff 841 549 65% Liverpool 1,805 1,148 64% Bristol 1,094 667 61% Leicester 2,162 1,269 59% Sunderland 527 292 55% Southampton 1,179 635 54% Birmingham 3,665 1,891 52% Portsmouth 1,081 524 48% Swansea 151 65 43% Leeds 3,030 1,172 39% United Kingdom 145,689 92,838 64% Source – Rightmove
The latest research from Warwick Estates has revealed which regions of the property market in England and Wales are currently the leasehold homebuyer hotspots. Warwick Estates analysed price paid data from the Land Registry over the last 12 months to see where the most leasehold homes are selling. The figures show that across England and Wales, 651,488 homes have sold in the last 12 months, 117,892 of which have been leaseholds, accounting for 18% of all market activity. London continues to lead where leasehold property popularity is concerned. 44% of all homes sold across the capital in the last year have been leasehold, by far the highest proportion of all regions. However, the North West ranks second, where the 25,858 leasehold sales equate to 32% of all market activity. The South East completes the top three regions with the most leasehold homes sold, with 15% of all transactions in the last year being for leasehold properties. In contrast, just 6% of homes sold across the East Midlands in the last year have been leasehold, while Wales (8%) and the West Midlands (11%) are also home to some of the lowest leasehold homebuyers. COO of Warwick Estates, Bethan Griffiths, commented: “The leasehold lifestyle appeals to a certain type of homebuyer and so there will always be a large regional disparity where the proportion of market activity attributable to leasehold sales is concerned. They remain a popular choice in many larger cities where apartment living, in particular, is the lifestyle of choice for many. They also provide a more affordable option for those purchasing in inflated pockets of the market. However, we’re now seeing an increase in popularity due to the social and communal aspects that many leasehold developments offer. This has become an important feature for many since the nation was plunged into lockdown and will remain a prominent aspect of life after the pandemic.” Location All transactions Leasehold transactions Leasehold % London 69,265 30,683 44% North West 79,685 25,858 32% South East 118,696 18,234 15% South West 75,991 10,877 14% North East 27,305 3,791 14% Yorkshire and the Humber 60,108 7,493 12% East of England 77,030 8,932 12% West Midlands region 57,560 6,307 11% Wales 31,437 2,501 8% East Midlands 54,411 3,216 6% England 620,051 115,391 19% England and Wales 651,488 117,892 18% Data sourced from the Land Registry Price Paid data records for residential property sales, excluding properties listed by type as ‘other’, between August 2020 and July 2021.
Trent Bridge Quays, a new residential development of 95 homes on the banks of the River Trent, has now opened the first waterfront apartments to prospective buyers looking for their dream waterside property. Located on Meadow Lane, a short distance from the centre of Nottingham and close to West Bridgford, Trent Bridge Quays provides buyers the best of both locations, with developer Elevate Property Group drawing on the character of the local industrial, and historical architecture which has inspired the development’s design. “The development has generated significant interest since construction began, with over 90% of the first release of homes already sold, with a further 58 recently launched in the second release also selling well,” said sales director at Elevate Property Group, David Hofton. Selling agent FHP Waterside Living, is holding an open day on Saturday 4 September for potential buyers to have the first look around the apartments and to get a feel for what living by the water is like. Trent Bridge Quays hold a prominent position on the River Trent, with water views spanning from Victoria Embankment across to Lady Bay Bridge. No longer the choice of the privileged few, waterfront living means space, freedom and privacy. One, two and three-bed luxury waterfront apartments are available, with prices ranging from £220,000 for a one-bed duplex, to £1m for a 1722 sq ft penthouse with a 904 sq ft roof terrace. Help to Buy options are available for first time buyers on all one bed apartments. Three story four-bed townhouses with ‘morning and afternoon’ balconies to enjoy sunrise and sunset vistas along with parking and gardens start from £495,000. “With its interconnecting green spaces, a rich tapestry of independent shops, bars and restaurants, Trent Bridge Quays is right at the heart of a new chapter in Nottingham’s history,” added Joe Hargreaves, property consultant at FHP Waterside Living and lead estate agent for Trent Bridge Quays. “I have witnessed many buyers fall in love with this development – and now that potential buyers can view the waterfront apartments for themselves, I’m sure they will be extremely popular and I’m looking forward to welcoming guests on our open day early next month.” Trent Bridge Quays forms part of Nottingham’s vision to transform the heritage of the river and canal side. It also provides the ideal location for access to world renowned sport with Notts County and Nottingham Forest football clubs and Trent Bridge Cricket Ground a short walk away, as is as it peaceful open spaces such as Holme Pierrepoint Country Park and The Hook nature reserve in Lady Bay.
The latest research from the homebuying platform, Yes Homebuyers, reveals the biggest homebuyer turnoffs, from subsidence to nuisance neighbours, and the financial consequence they can have on the value of a home. Homebuying is a complex process that requires due diligence and thorough attention to detail. It is also likely to be the biggest financial commitment a person has made throughout their life. As such, potential pitfalls or problems with a home can dramatically impact its desirability and, ultimately, its value. Yes Homebuyers has identified the biggest homebuyer turnoffs and calculated what impact each can have on the value of a property, and in a list of 15 problem areas, nothing is considered more of a deterrent than subsidence. Subsidence refers to situations when the ground beneath a property is sinking, pulling the foundations of the home down with it and it’s estimated that it can reduce the value of a home by an average of -20%. For the average home which, in the UK, is currently valued at £254,624, this -20% loss equates to £51,000. Second on the list is Japanese Knotweed, a destructive plant that can grow up to 10cm in a single day. It can cause severe damage to the structural integrity of a property and thus reduces the value of a home by -15% – a drop of just over £38,000. If a property is suffering from poor upkeep or the garden has been allowed to overgrow it could reduce the value of a home by as much as -14% on average, or £36,000. If new power lines, mobile phone towers, or wind turbines are planned nearby to your property, especially if visible from the house itself, buyers are going to be far less inclined to pay top price for your home. Typically, such a scenario can see an average of -13%, or £33,000, wiped off in value. Both nuisance neighbours and flood risks or water damage can reduce a property’s value by -10%, equal to just under £25,500; lack of convenient parking can reduce value by -7.1%, or £18,000; and unlucky house number, such as 13, can, believe it or not, reduce the value of a home by -6%, just north of £15,000. Structural issues (-£13,500), local power stations (-£12,700), damage or odours left by pets in the home (-£10,200), cluttered rooms (-£10,200), damp and mould (-£2,500), asbestos (-£2,500), and woodworm (-£1,300) can also have a negative impact on the value of your home. However, the latter issues, like asbestos and woodworm can be very hard to detect and so you might not even know they’re there yourself. Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “Many of these buyer turnoffs can be easily and cheaply fixed, a process which should be well worth the effort and money thanks to the value they will restore to your home. Some of them, however, can be very expensive indeed. Severe damp issues and subsidence, for example, could cost as much to rectify as the value they restore. Furthermore, they can take an awfully long time to fix. “In such instances, it might be worth considering selling your home at a reduced price rather than undertake the task yourself. Of course, you might struggle to find a buyer, as a result, but in most cases, a bonafide quick buy platform should take your property off your hands. Leaving you stress-free and able to focus on your onward purchase.” Table shows the biggest homebuyer turn offs based on the average percentage each issue can reduce value by and what this means based on the current average UK house price Turn-offs Ave est % impact on property price Potential property value decrease Sources Subsidence -20% -£50,925 link link Japanese Knotweed -15% -£38,194 link link Poor upkeep and overgrown gardens -14.1% -£35,902 link link New powerlines, mobile phone towers, wind turbines -13% -£33,101 link Bad/nuisance neighbours -10% -£25,462 link link Water damage / known flood plain/flooding risk -10% -£25,462 link link Poor parking / no parking available -7.1% -£18,078 link link Unlucky house numbers (number 13) -6.0% -£15,277 link link Structural issues/damage -5.3% -£13,495 link Power stations within local area -5% -£12,731 link Evidence of pets -4.0% -£10,185 link link Untidy / messy/dirty/cluttered -4.0% -£10,185 link Damp/rising damp/mould -1% -£2,546 link link Asbestos -1% -£2,546 link link Woodworm -0.5% -£1,273 link link Potential property price impact based on each percentage applied to the current UK average house price of £254,624 – Gov.uk UK House Price Index (May 2021 – latest data available)
Data released today in the WhatHouse? New Homes Index reveals that buyer interest in luxury new build homes across Britain has increased by 25% during July, a sign that changing space requirements and lifestyle priorities continue to alter the new home market. Looking ahead, we expect this growth to continue, as post-pandemic life returns to normal and home buyers can make firm decisions based on new lifestyle requirements. The national average price of new home property coming to market has stayed static at £338,339 in July (£338,042 in June). Top three new home search areas during July: South East of England has demonstrated the most buyer demand during July 2021, achieving 25,719 new home buyer searches. West Midlands continued its climb for the second month in a row, jumping from third to second position, achieving 23,683 new home buyer searches during July 2021. North East of England has secured its first top three search position with 13,581 new home buyer searches during July 2021, representing a 170% increase on June’s figures. July has achieved a +32% increase in new home demand, recording a total of 166,137 new home buyer searches, compared to 126,199 during June 2021. Daniel Hill, Managing Director, WhatHouse? comments: “Changing lifestyle requirements continue to re shape the new home market, and nowhere is this demonstrated more clearly than in July’s WhatHouse? New Homes Index. London has been ousted from the top three new home search table, supplanted by West Midlands and North East, both experiencing spikes in search. It’s also interesting to note that total luxury new home searches increased by 25% during July. The East Midlands, West Midlands, North West and Scotland all top performers – reporting a +45% luxury new home search increase since June. This all points to a large scale post-Covid re-evaluation amongst home buyers. As employers firm up plans for flexible work-from-home expectations, home buyers are now able to confidently consider space requirements and lifestyle aspirations. What the WhatHouse? New Homes Index is demonstrating is a growing desire amongst buyers to consider luxury new homes in regions that may previously have been beyond their search comfort zone.” David O’Leary, Policy Director, Home Builders Federation said: “As the wider market settles into equilibrium, demand for new homes continues to be robust with many builders reporting strong forward order books. More than ever homebuyers, both first-time buyers and home movers, appear to be putting an emphasis on the low running costs and improved energy efficiency that new homes provide.”
The latest research from Warwick Estates has revealed how the new-build market has outperformed the rest both where price growth and price premiums are concerned since the turn of the Millenium. The average homeowner is thought to spend 21 years in a home on average, so Warwick Estates analysed new-build and existing house prices between 2000 and 2021 and found that across England and Wales, the average new-build has increased in value considerably. In 2000, the average new-build cost £92,234, but today, this has increased to £343,185 – a 272% increase. While the existing market has also seen impressive growth, the average house price has increased by just 254% in comparison. The premium attached to new-build homes has also jumped by some margin. In 2000, the average new-build home cost £17,805 more than the average existing property. Today, this premium has climbed to £79,426. London has seen the biggest jump in new-build values, up from an average of £133,568 in 2000, to £525,927 – a 294% increase and 19% more than the existing market where prices are up 275%. The East Midlands (290%) and the East of England (290%) have also seen some of the largest increases and have also outperformed the existing market to the largest extent, with a 27% and 26% respective difference in price growth during this time. However, all areas of England and Wales have seen new-build house price growth not only exceed 200% since the start of the new Millennium but also outpace the existing market. The East of England has also seen the largest increase in new-build premiums. In 2000, new-builds were valued £19,345 higher than existing homes, but today this has climbed to £97,435 – a £78,090 increase. The East Midlands (£73,222), the West Midlands (£66,255) and the South West (£60,998) have also seen the premium attached to new-build homes climb by more than £60,000 in the last two decades. COO of Warwick Estates, Bethan Griffiths, commented: “New-build homes have always commanded a premium and this premium has climbed considerably in the last two decades as house prices have risen, but also the quality and offering of the new-build sector has evolved. While getting a foot on the new-build ladder may present a tougher task for aspirational homeowners initially, they are far more likely to see their investment not only hold its value but increase at a greater rate than the existing market. So it can be well worth the additional initial financial investment for those with a long-term view of homeownership.” Table shows the increase in the average value of new-build and existing homes between 2000 and 2021 Location Average NB house price (Mar 2021) Change – 2000 to 2021 (£) Change – 2000 to 2021 (%) Average Existing house price (Mar 2021) Change – 2000 to 2021 (£) Change – 2000 to 2021 (%) London £525,927 £392,359 294% £503,386 £369,173 275% Yorkshire and The Humber £243,791 £180,320 284% £181,826 £131,985 265% East of England £404,852 £300,939 290% £307,417 £222,849 264% East Midlands £302,701 £225,162 290% £209,735 £151,941 263% North West £262,731 £192,821 276% £184,362 £133,006 259% Wales £252,646 £182,754 261% £182,699 £131,557 257% West Midlands Region £305,790 £217,404 246% £214,363 £151,150 239% South West £348,888 £250,269 254% £281,886 £198,732 239% South East £420,199 £298,520 245% £344,314 £237,522 222% North East £217,985 £147,457 209% £138,631 £91,648 195% England and Wales £343,185 £250,951 272% £263,760 £189,330 254% Data sourced from the Land Registry House Price Index – New-build vs Existing (March 2000 to March 2021 – latest available) Table shows the new-build price premium in 2000 and 2021 and the change between the two Location Average NB house price (Mar 2000) Average Existing house price (Mar 2000) NB price premium (2000) Average NB house price (Mar 2021) Average Existing house price (Mar 2021) NB price premium (2021) Change in NB premium (£) East of England £103,913 £84,568 £19,345 £404,852 £307,417 £97,435 £78,090 East Midlands £77,539 £57,794 £19,744 £302,701 £209,735 £92,966 £73,222 West Midlands Region £88,386 £63,213 £25,173 £305,790 £214,363 £91,427 £66,255 South East £121,678 £106,792 £14,887 £420,199 £344,314 £75,885 £60,998 North West £69,910 £51,357 £18,553 £262,731 £184,362 £78,368 £59,815 North East £70,528 £46,982 £23,546 £217,985 £138,631 £79,355 £55,809 South West £98,618 £83,154 £15,464 £348,888 £281,886 £67,002 £51,538 Wales £69,892 £51,142 £18,750 £252,646 £182,699 £69,947 £51,197 Yorkshire and The Humber £63,471 £49,841 £13,630 £243,791 £181,826 £61,966 £48,335 London £133,568 £134,213 -£645 £525,927 £503,386 £22,541 £23,186 England and Wales £92,234 £74,430 £17,805 £343,185 £263,760 £79,426 £61,621 Data sourced from the Land Registry House Price Index – New-build vs Existing (March 2000 to March 2021 – latest available)
