New-build for-sale stock currently worth £2.1bn
Research by Warwick Estates reveals which areas of Britain’s housing market are getting the biggest boost from the new-build sector based on the total value of available new-build stock.
In Britain, there are currently 5,406 new-build homes on the market. With an average new-build price of £391,167, this means the sector’s total current value is more than £2.1 billion.
The biggest new-build market is found in Scotland where 3,638 homes with an average value of £286,674 each create a total value of around £1.1 billion.
In London, high prices mean that the 393 currently available homes, at an average price of £569,575, create a total new-build market value of £224 million, while in the South East, 397 homes at £490,656 each combine for a total value of £195 million.
The South West’s new-build market is worth £81 million; in the East of England the market is worth £67 million; and in the West Midlands the total is £49 million.
The East Midlands (£47 million), North East (£43.5 million), and Yorkshire & Humber (£41 million) all have very handsome new-build markets before there’s a significant drop off for the North East (£8.5 million) and Wales (£7 million).
On a city level, and disregarding London, the biggest new-build market is found in Edinburgh where 425 new-builds have an average price of £409,547 each to create a total market value of £174 million.
Scotland continues to dominate the new-build market with Glasgow’s current listings worth a total £72 million, before Birmingham (£8 million), Bristol (£7 million), and Leeds (£5.5 million) follow at some distance behind.