Oxford is the most affordable place for first-time buyers to buy new build properties, new homes specialists Stone Real Estate has found.
Despite the high house prices across the general market Oxford is home to an average new build price of £344,799, which is £15,761 cheaper than the price paid by the average first-time buyer (£360,559).
Michael Stone, founder and chief executive of Stone Real Estate, said: “New builds often carry a price premium and for a good reason.
“There are many benefits to buying new whether it be the inclusion of social outlets and amenities to new build developments, financial incentives such as stamp duty paid for, the money-saving aspect of a brand new property in terms of appliances and energy efficiency and the lack of maintenance required when moving in.
“As a result, they can be way out of the financial reach of first-time buyers and in some pockets of the market, the gulf in price between buying new and buying for the first time is huge.
“However, this isn’t the case across the board and while some areas aren’t necessarily ‘affordable’ there is an almost level playing field between the price being paid by first-time buyers and the price of a new build property.
“This is, of course, due to first-time buyers paying much more for their first home in current market conditions, however, we’ve also seen a change in the new build sector whereby housebuilders are putting more of an emphasis on the delivery of affordable homes, with schemes like Help to Buy also helping many onto the property ladder via the new build sector.”
While the average new build in the capital is £73,043 more expensive than the price paid by London’s first-time buyers, Islington is the second-best area to buy new as a firs-time buyer.
The average Islington new build currently costs £586,328, whilst the average first-time buyer pays £599,414.
The average cost of buying a new build is some £101,085 more than the price paid by the average first-time buyer.