New-build market transactions plummet during the pandemic
The latest research by the new-build sales optimisation platform, Unlatch, has highlighted which towns and cities in England and Wales saw the highest value of new homes sold in 2021 as almost £6bn worth of new-build property was purchased.
Unlatch analysed property transaction records from the Land Registry looking specifically at new-build purchases, ranking the nation’s towns and cities on the highest level of new-build value based on the sold prices of these transactions.
The figures show that over the last year, the London market has remained the dominant force where the total value of new homes sold is concerned, with almost £1.4bn worth of new-build homes sold in 2021.
Milton Keynes sits second, where new-build transactions totalled £89.7m in value during 2021.
Bristol was also close behind with £89.4m worth of new homes purchased in the last year.
In Bedford, £66.7m worth of new homes changed hands in 2021, with this total also exceeding £50m in Manchester (£56.3m), Northampton (£55.7m) and Worthing (£55.4m).
The top 10 is completed by Birmingham (£48.7m), Nottingham (£47.2m) and Newcastle (£46.8m), while other areas to make the top 20 include Leicester, Ashford, Maidstone, Swindon, High Wycombe, Derby, Reading, Aylesbury, York and Liverpool.
Lee Martin, Head of UK for Unlatch says: “The new-build sector has had to overcome a variety of obstacles during the pandemic including lockdown restrictions and a shortage of labour and materials, which has also increased costs. There have also been delays across the transaction timeline due to the requirement of EWS1 certifications, but despite all of this, new homes have still accounted for a sizable level of market value in 2021. While London remains the engine room of the new-build market, it’s clear that new homes are meeting a need the length and breadth of the nation, with towns and cities all over England and Wales ranking with the top 20 where total market value is concerned.”