The government has announced ambitious plans to build 1.5m homes in England over the next five years, with a modern generation of New Towns being an important part of its agenda.

Halifax has analysed New Town house price trends over the last three decades to understand how these locations have performed compared to the wider market. Over the last 10 years, New Towns have kept pace with national house price growth, recording a 68% increase compared to 69% for UK as a whole. 

However, in several New Towns, property prices have risen much more sharply over this period, with the top end of the list dominated by locations in Northern Ireland. 

For example, Antrim recorded the strongest growth in house prices of any New Town over the last decade, rising 118% from £102,439 to £223,110. Derry/Londonderry follows, with house prices nearly doubling since 2014 (+99%, from £101,689 to £202,285). Cwmbran in Wales comes next with property prices increasing by 88% (£134,540 to £253,392).

Top 10 New Towns for property price growth over the last decade

Source: Halifax, 12 months to August

–

Over the past three decades, the average price of a New Town property has risen by 441%, slightly lagging the average for the whole of the UK, where prices are up by 454%. However, some New Towns have seen property prices increase by much more.

For example Crawley in the South East tops the list, with property prices rising by 543% since 1994, from £63,712 to £409,836. Craigavon in Northern Ireland is second and saw prices increase by 524% (£31,189 to £194,560). Then Hemel Hempstead in the South East experienced a 520% increase (£70,502 to £436,986).

Top 10 New Towns for property price growth over the last three decades

Source: Halifax, 12 months to August

–

Today, in all but six New Towns, properties are typically being sold at a discount compared to the average price of the surrounding region.

Peterlee has the biggest gap, with its 2024 average house price of £127,853 being 41% below that of the North East as a whole (£218,228); 

Peterborough comes next with properties costing 27% less than the East of England average (£292,103 vs £402,248);

Skelmersdale is also 27% below the average for the North West (£193,095 vs £264,362).

Top 10 New Towns for biggest discount to regional property price in 2024

Source: Halifax, 12 months to August