Research by property developer, Stripe Property Group, has found that despite the property market starting to cool, the appetite for new build homes remains stronger than for existing homes.
The analysis by Stripe Property Group 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 recorded 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.
Stripe’s research also suggests that the sector is helping to fuel demand as well as supply.
14% of all new homes listed in the last two weeks have already gone under offer or sold subject to contract, 2% higher than the existing market.
In Scotland, a fifth of all new homes are under offer or sold STC within two weeks, 8.4% more than the 11% of existing homes.
Yorkshire and the Humber saw 7.5% higher demand for new homes than the existing market, while the North East recorded 7.2% higher demand.
In fact, demand for new homes was higher in almost every region of Britain except for the South West (-0.5%), London (-0.7%) and Wales (-1.5%).
Managing director of Stripe Property Group, James Forrester, 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 is there 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.”
