Oxfordshire is UK’s new build hotspot

Mortgage Introducer

March 30, 2021

Oxfordshire is currently the nation’s new build homebuyer hotspot, according to the latest research BuildScan.

The snagging and defect management app analysed the property market across England over the past year, looking at the number of new build transactions completing in each major city and what this equated to as a percentage of all transactions.

The figures show that there were 542,875 homes sold across England in 2020, despite the tougher market conditions caused by COVID-19. Some 36,750 of these came via the new build sector, meaning new homes accounted for 6.8% of all transactions.

With 5,147 new build transactions, London saw the highest number of new build homes sold in terms of sheer volume.

However, it is Oxfordshire that ranks as the hottest spot for new build purchases when considering new build transactions as a percentage of all transactions. 945 new homes were sold in the county in 2020, 13.5% of the 6,991 homes sold overall.

Bedfordshire also ranked high, with the 842 new build sales to complete in the area accounting for 12.5% of all transactions in 2020.

Warwickshire (11.2%), East Riding of Yorkshire (10.1%) and Northumberland (10%) also placed amongst some of the hottest spots for new-build homebuyers, with the sector accounting for 10% or more of total homes sold.

Leicestershire (9.9%), Berkshire (9.8%), Wiltshire (8.9%), London and Cambridgeshire (8.7%) also placed within the top 10.

In contrast, the Isle of the Wight saw the least new build homebuyer activity in 2020. Just 1.5% of all transactions on the island came via the new build sector, with East Sussex (3%) and Bristol (3.6%) also amongst the lowest.

Harry Yates, founder and managing director of BuildScan, said: “2020 was a tough year and this was no different for those working within the new build sector, with the delivery of many developments delayed due to COVID difficulties.

“That said, there was a monumental effort in the final quarter of the year to boost the number of homes reaching the market and we expect this to materialise via an increase in new build completions during 2021.

“London continues to see the highest volume of new homes transacting but it’s great to see other regional frontrunners leading the way in terms of new build completions as a percentage of all transactions. This shows that there is a real appetite for these developments across the nation and the focus shouldn’t be solely on building in London.”

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