Research by Alliance Fund, the end to end real estate fund, has revealed that while Greater London may have seen the most new-build sales complete in the last year, it ranks just 24th in the nation when it comes to the level of new-build market activity as a proportion of total homes sold.
Alliance Fund analysed the level of property transactions to have completed across each county of England over the last year and what proportion of these came via the new homes sector.
The figures show that across England as a whole, some 11,608 new homes were sold in 2022, accounting for 2.1% of total market transactions.
London was home to by far the highest number of new-build transactions 2022, with the 1,335 new homes sold accounting for 11.5% of all new-build sales last year. Greater Manchester (634) and West Yorkshire (565) came close to the might of the London new-build sector, accounting for 5.5% and 4.9% of all new homes sold across England in 2022.
Two areas of the nation, Rutland and the City of London, saw no new-build transactions take place in 2022.
However, when it comes to new-build market activity as a proportion of all homes sold, London ranks just 24th in the nation, with the 1,335 new-build sales seen across the capital last year equating to just 2.1% of total market activity.
It is Warwickshire where the new-build market has made the biggest mark over the last year. While just 256 new homes were sold across the county in 2022, this equated to 3.9% of total market activity.
Shropshire follows closely behind, where new-build transactions accounted for 3.8% of all homes sold, with Wiltshire (3.7%) and Buckinghamshire (3.4%) also ranking within the top five.
CEO of Alliance Fund, Iain Crawford, said: “London certainly remains the dominant force within the new-build sector when it comes to the sheer volume of new homes sold in the last year and with such high-demand, it’s understandable why developers devote so much of their attention to the region.
However, there are a high number of locations where new-build sales have driven market activity to a far greater extent when it comes to these transactions as a proportion of all homes sold.
This appetite for new-build properties presents developers with an abundance of opportunity when it comes to where they choose to build, and while London will no doubt remain a consideration, it’s certainly not the only area of focus.”
Data tables and sources can be viewed online, here.