Property: Price difference between new builds and existing homes in Harlow largest in country
Business / Mon 7th Aug 2023 at 08:55am
RESEARCH from Sourced Franchise analysed current new-build values, the premiums attached when compared to existing property prices and how this premium has changed over the course of the last year.
The research shows that, with the average British new-build now valued at £425,186, the premium commanded by new homes currently sits at 52%. What’s more, this premium has increased by 20% over the course of the last year alone.
Strongest new-build premiums
Regionally, the North East is home to the strongest new-build house price premiums, where new homes currently command £271,723 – 83% more than the average home in the existing market.
The current premium commanded by new-build properties also sits at more than 60% across Scotland (72%), the East Midlands (66%), the North West (65%), West Midlands (63%) and Wales (62%).
At 17%, London is home to the smallest new-build house price premium in the current market.
At the local authority level, it’s Harlow that ranks top, where the average new-build is currently worth 133% more than the average existing home. Blaenau Gwent (127%), Gravesham (120%), West Dunbartonshire (119%) and Preston (119%) also rank within the top five strongest new-build markets at present.
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This headline is not entirely clear. By claiming that average new builds at £ 425,186 represent a premium of 52% over existing properties, that assumes that the average price of such properties is £279,727. However, Rightmove states that the average price of Harlow property is £349,457. The average for CM17 is £416,930; CM18 is £321,457; CM19 £ 376,738 and CM20 £ 307,478. Clearly, Rightmove average figures would include new builds, but it is important to compare like with like, I.e. Flats with flats, terraces with terraces, semi-detached and detached, etc. Unless the details are properly analysed and presented, the headlines don't mean much.
Who cares James Leppard, not many can afford them..
Kim O'Connor, getting the facts right is important. Secondly, I doubt if builders will construct houses to sit idle for the sake of it. Of course they are being sold. Just drive around Newhall as an example. There is clear demand.
Kim O'Connor according to Rightmove average house prices are: Epping Forest District: £534,451 East Herts District: 539,139 Braintree: £351,183 Welwyn Hatfield: £ 535,535 Harlow: £ 349,392 Therefore, even with all its logistical advantages, Harlow is still significantly cheaper than other locations in the region. This gap will invariably close and demand will continue.
James Leppard, theses builds will not be for people on the waiting list, none of theses unaffordable housing estates are for people waiting years for homes, people in Harlow alone, over 5,000 . And the reduction in the amount of affordable we were promised never materialised did it.. I sometimes wonder if this council ever give a thought to theses family s, waiting years some of them .but you all sighed up for it, the same as you all sighed up for housing estates to be built before infrastructure, don't say you didn't know , because we were there at consultation, little wonder theses places are left with no schools, no shops, no nothing really... And as for getting my facts right, perhaps you should take a leaf out of your own book, few days back you said ocasia house was full of asbestos,, then when you was corrected, you said oh I got the wrong building, 😂 😂 really funny.
Kim O'Connor. I hope you have a wonderful Summer.