11% of sales attributed to new builds in 2019

Michael Lloyd

September 24, 2019

Across England and Wales, 11% of sales thus far in 2019 have been attributed to new build properties according to research by Stone Real Estate has found.

The borough of Tower Hamlets in London has seen the most transactions attributed to new builds at 42%.

Michael Stone, founder and chief executive of Stone Real Estate, said: “As a nation, we’re in desperate need of more housing stock and while the government’s delivery of this has been inadequate at best, it’s good to see that there are pockets across the nation where new build properties are hitting the market and being snapped up by buyers.

“Help to Buy has played a big part in fueling this demand and over the last six years, we’ve seen the new build sector perform consistently as a result, despite the wider doom and gloom of the UK property market.

“London, in particular, continues to hold its appetite despite a wider downturn and this is being driven by second and third rung buyers as much as it is first-time buyers.

“New build developments are now providing a lifestyle that appeals to numerous segments of the market, whether it be young professionals or families and more.

“However, more must be done to incentivise the big housebuilders to continue delivering these homes as in some areas, the level of new build stock is almost non-existent.”

Looking at London boroughs, Barnet (23%) and the City of London (23%) saw large proportions of new build sales.

The area with the lowest percentage of new builds is Gosport with just 0.2% of sales attributed to the sector.

Sign up to our daily email