New-build homes may typically command a premium compared with the second-hand market but new research has revealed areas where this isn’t the case.
Property portal Zoopla has revealed 30 areas in the UK where the asking price of a three-bed new-build home is up to £120,000 cheaper than a resale property
Leading the way is the cathedral city of Winchester, where a 3-bed new-build home is £118,500 (22%) cheaper than an equivalent resale home.
This is followed by nearby New Forest, where a 3-bed new-build home is £45,000 cheaper than a 3-bed resale property.
Value for money can also be found in new-build properties in Chichester, where new-builds are £35,000 cheaper than a resale property) on average, as well as Stroud where they were found to be £20,000 cheaper on average.
Daniel Copley, Consumer Expert at Zoopla, said: “There’s often a perception that new-build properties are more expensive than resale homes - however, our data shows that there are in fact many areas of the country where new-builds are cheaper than resale homes.
“Two thirds of buyers either want a new home or would consider buying new. New-build homes offer additional benefits over buying a second hand property, most notably better energy efficiency and the possibility to purchase your home using a scheme like shared ownership as well as the availability of special offers and incentives.”
|
Local authority |
Price difference (£) |
Price difference (%) |
Median price of new home |
Median price of resale home |
|
Winchester |
-£118,500 |
-22% |
£431,500 |
£550,000 |
|
New Forest |
-£45,000 |
-9% |
£440,000 |
£485,000 |
|
Coventry |
-£36,200 |
-15% |
£206,300 |
£242,500 |
|
Chichester |
-£35,000 |
-8% |
£400,000 |
£435,000 |
|
East Lindsey |
-£26,000 |
-10% |
£224,000 |
£250,000 |
|
Derbyshire Dales |
-£25,000 |
-8% |
£300,000 |
£325,000 |
|
South Hams |
-£25,000 |
-7% |
£350,000 |
£375,000 |
|
Canterbury |
-£25,000 |
-6% |
£375,000 |
£400,000 |
|
Worthing |
-£25,000 |
-6% |
£425,000 |
£450,000 |
|
South Oxfordshire |
-£25,000 |
-5% |
£450,000 |
£475,000 |
|
Stroud |
-£20,000 |
-6% |
£330,000 |
£350,000 |
|
Cheltenham |
-£20,000 |
-5% |
£360,000 |
£380,000 |
|
Redcar and Cleveland |
-£17,000 |
-10% |
£158,000 |
£175,000 |
|
Perth and Kinross |
-£15,000 |
-6% |
£225,000 |
£240,000 |
|
Forest of Dean |
-£15,000 |
-5% |
£280,000 |
£295,000 |
|
High Peak |
-£11,500 |
-4% |
£286,000 |
£297,500 |
|
South Holland |
-£10,000 |
-4% |
£240,000 |
£250,000 |
|
North Devon |
-£10,000 |
-3% |
£290,000 |
£300,000 |
|
North Somerset |
-£8,500 |
-3% |
£316,500 |
£325,000 |
|
Eastbourne |
-£7,500 |
-2% |
£357,500 |
£365,000 |
|
Sedgemoor |
-£6,000 |
-2% |
£274,000 |
£280,000 |
|
Mansfield |
-£5,700 |
-3% |
£194,300 |
£200,000 |
|
North East Derbyshire |
-£5,000 |
-2% |
£240,000 |
£245,000 |
|
Hambleton |
-£5,000 |
-2% |
£282,500 |
£287,500 |
|
Rother |
-£5,000 |
-1% |
£410,000 |
£415,000 |
|
Folkestone and Hythe |
-£3,500 |
-1% |
£346,500 |
£350,000 |
|
Fylde |
-£2,500 |
-1% |
£241,500 |
£244,000 |
|
Wyre Forest |
-£2,500 |
-1% |
£257,500 |
£260,000 |
|
Wychavon |
-£2,500 |
-1% |
£320,000 |
£322,500 |
|
Adur |
-£2,500 |
-1% |
£405,000 |
£407,500 |