The latest research by Unlatch has revealed how the new-build market looks based on the diversity of stock currently available to buyers and how this differs across the major cities.
The new-build sales optimisation platform analysed the level of new-build stock currently on the market before dissecting it by property type both at a national and regional level.
When we think new-build, we tend to think flats, so it’s hardly surprising that they account for the largest proportion of British new-build stock in the current market – 41% of total stock to be exact. However, the pandemic influence for larger homes is also clear, with detached homes accounting for 28% of new-build stock.
Semi-detached and terraced homes account for 15% and 10% of available new-build stock respectively, while bungalows are the rarest new-build property type accounting for just 6% of available properties.
Stock differences across major cities
Interestingly, the DNA of the new-build market can differ depending on the location, with the research showing certain property types are far more prevalent in some cities compared to others.
For example, the new-build market in major urban hubs such as London (94%), Manchester (90%) and Birmingham (84%) is almost completely dominated by flats, with the property type accounting for almost all new-build homes on the market.
In contrast, flats account for just 5% of the market in Sunderland, with Newcastle (8.3%) and Swansea also seeing flats account for less than 10% of the total new-build stock.
In fact, in Swansea (64%), Sunderland (55%) and Newcastle (54%), more than half of all new-build properties available to purchase are detached homes - the highest level of detached new-builds of all cities analysed.
Sunderland (24%) and Newcastle (22%) also rank in the top three where the highest level of semi-detached new-build stock is concerned, although at 27% Portsmouth has the largest availability of this property type.
Portsmouth also ranks top for terraced new-build stock levels at 27%, with Bristol (26%) and Bradford (23%) this time making the top three.
Finally, bungalows may not be the first thing that springs to mind when you think about new-builds and in many major cities, you’d be forgiven as there isn’t a single new-build bungalow on the market.
However, in Swansea, they account for 9% of all new-build stock currently on the market, with Bournemouth (7%) and Leicester (5%) also home to some of the highest levels of new-build bungalow availability.
“The creation of any new-build developments will always focus on a number of factors including lifestyle, available space and of course profit margins,” Lee Martin, head of UK for Unlatch, comments.
“This is a fine balancing act but more often than not flats, detached and semi-detached homes will be the flavour of choice. In many built-up major cities where space is tight, flats tend to dominate as building upwards rather than outwards allows more homes to be delivered to market.”
“But the sector is far from a one-trick pony and, in other markets such as Swansea and Bournemouth for example, there is a far more diverse range of stock to suit the different buyer demographics within the market.”
Table shows what percentage of new-build stock currently listed for sale on the market is accounted for by each property type - Sorted from highest to lowest based on flat stock availability
|
Location
|
Detached NB stock %
|
Semi-detached NB stock %
|
Terraced NB stock %
|
Flat NB stock %
|
Bugalow NB stock %
|
London
|
1%
|
1%
|
4%
|
94%
|
0.1%
|
Manchester
|
1%
|
5%
|
5%
|
90%
|
0.1%
|
Birmingham
|
3%
|
6%
|
7%
|
84%
|
0%
|
Liverpool
|
8%
|
7%
|
3%
|
82%
|
0.5%
|
Leeds
|
6%
|
8%
|
10%
|
75%
|
0.6%
|
Edinburgh
|
13%
|
4%
|
9%
|
74%
|
0%
|
Bournemouth
|
3%
|
7%
|
9%
|
73%
|
7.4%
|
Southampton
|
14%
|
12%
|
6%
|
67%
|
1.8%
|
Glasgow
|
20%
|
8%
|
15%
|
57%
|
0%
|
Bristol
|
9%
|
8%
|
26%
|
56%
|
0.7%
|
Plymouth
|
16%
|
15%
|
16%
|
52%
|
1.5%
|
Sheffield
|
18%
|
18%
|
14%
|
48%
|
1.9%
|
Cardiff
|
29%
|
16%
|
16%
|
39%
|
0%
|
Nottingham
|
32%
|
13%
|
19%
|
32%
|
4.0%
|
Portsmouth
|
18%
|
27%
|
27%
|
27%
|
0%
|
Bradford
|
40%
|
17%
|
23%
|
21%
|
0%
|
Leicester
|
45%
|
18%
|
20%
|
11%
|
5.3%
|
Swansea
|
64%
|
14%
|
5%
|
9%
|
9.1%
|
Newcastle
|
54%
|
22%
|
15%
|
8%
|
0%
|
Sunderland
|
55%
|
24%
|
16%
|
5%
|
0%
|
Great Britain
|
28%
|
15%
|
10%
|
41%
|
6%
|
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