By While the property market may be starting to cool, the appetite for new-build homes from the nation’s homebuyers remains stronger when compared to those purchasing existing homes.
Analysis shows that in the last fortnight, the new-build sector has helped fuel 7.2% of all homes reaching the market for sale across Britain.
The East Midlands has seen the largest boost to for sale stock supply courtesy of the new-build sector, with new homes accounting for 9.2% of all homes listed for sale in the last two weeks.
8.5% of all homes listed recently across the East of England have come via the new-build space, with Scotland (7.8%), the West Midlands (7.7%) and London (7.3%) also enjoying some of the largest supply boosts from new homes.
But it’s not just supply that is benefiting from new-build delivery, the sector is also helping to fuel demand.
14% of all new homes listed in the last two weeks have already gone under offer or sold subject to contract.
This is 2% more than the existing market, where just 12% of recently listed homes have already sold.
In Scotland, a fifth of all new homes are being snapped up within two weeks, 8.4% more than the 11% of existing homes that are selling within a fortnight.
Demand for new homes is 7.5% higher versus the existing market in Yorkshire and the Humber, with the North East (+7.2%), East of England (+4.1%) and the North West (+3.1%) also seeing new-build demand sit some way above the demand levels for existing homes.
In fact, demand for new homes is higher in every region of Britain bar three – the South West (-0.5%), London (-0.7%) and Wales (-1.5%).
James Forrester, Managing Director of Stripe Property Group, the property developer responsible for the research, commented:
“The property market as a whole is certainly starting to show signs of wear and tear following a period of turbulence spurred by increasing economic uncertainty.
This has largely impacted the level of buyers entering the market, although we are now starting to see signs that house prices are stuttering.
Despite this, the new-build sector continues to demonstrate strength and resilience and not only are a consistent level of new homes reaching the market, but the demand for these homes remains substantially higher than the appetite for existing homes across the vast majority of the nation.
With as many as a fifth of all new-build properties selling within two weeks in some parts of Britain, the sector looks set to weather the current downturn, with new homes continuing to sell, while commanding robust market values in the process.”
| Table shows the proportion of recent listings* attributed to new-build homes, buyer demand levels for recent new-build and existing homes and the difference in this demand | ||||
| Location | New-build as a percentage of recent listings | Buyer demand for recent new-build listings | Buyer demand for recent existing property listings | Demand difference (%) |
| Scotland | 7.8% | 20% | 11% | 8.4% |
| Yorkshire and the Humber | 7.0% | 19% | 12% | 7.5% |
| North East | 6.6% | 19% | 12% | 7.2% |
| East of England | 8.5% | 16% | 12% | 4.1% |
| North West | 6.0% | 15% | 12% | 3.1% |
| West Midlands region | 7.7% | 13% | 12% | 1.5% |
| South East | 6.7% | 14% | 12% | 1.4% |
| East Midlands | 9.2% | 14% | 12% | 1.4% |
| South West | 7.0% | 11% | 11% | -0.5% |
| London | 7.3% | 12% | 12% | -0.7% |
| Wales | 3.6% | 9% | 10% | -1.5% |
| Great Britain | 7.2% | 14% | 12% | 2.3% |
| *Recent listings relates to all homes listed to Rightmove for sale within the last 14 days – as of 21/11/2022 | ||||
– Recent listing data based on homes listed to Rightmove within the last 14 days (correct as of 21/11/2022)
– Data split by new-build and existing homes and demand levels based on the percentage of each that have already been sold subject to contract or received an offer within 14 days of listing
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