Demand for new homes in the East Midlands surges by 46%
The East Midlands is revealed as the fastest growing region for new home search in Britain, as the number of people searching for a new built property jumps by 46% in August. This is compared with an overall -10% decrease in new home search across the UK.
The stat, released in this month’s WhatHouse? New Homes Index, is an encouraging sign that many home buyers consider the region to be the answer to their changing space requirements and lifestyle requirements post-COVID.
The average price of new home property coming to market in the East Midlands is £304,485 (-3% since July), compared against the UK national average of £334,801 (-1% since July).
Top three new home search areas during August:
- South East of England – 31,293 new home buyer searches
- West Midlands – 19,921 new home buyer searches
- East Midlands has secured a top three search position with 16,760 new home buyer searches during August 2021, representing a 46% increase on July’s figures.
Across the UK, August saw a -10% decrease in new home search, recording a total of 149,521 new home buyer searches, compared to 166,137 during July 2021. The East Midlands has bucked this trend with a 46% increase.
Regional home builders report that access to the stunning Peak District, great transport links, historic cities, and below national average new home asking prices of £304,485 may have contributed to the rise in East Midlands new home search – as home buyers seek more space and enhanced quality of life for their budget post-COVID.
Daniel Hill, WhatHouse? Managing Director said: “Over the past year, we’ve seen new home buyers’ priorities changing. More people are looking for a new build home with additional space for a home office or gym, and the need for outdoor space that arose in lockdown has maintained its crucial importance. We’ve also seen a substantial increase in people looking for new build homes outside of the traditional commuter zones.
From the search behaviour on Whathouse.com we can see that interest in new homes within the East Midlands region has jumped dramatically during August, traditionally slower due to summer holiday diversions. August saw a total of 16,760 searches, which places the East Midlands in the top three for the first time in 2021. The new home property market is considered a key economic health indicator. This surge points to a strong Autumn post-pandemic bounce back for the region.”
The North East of England is the most affordable region for first time buyers according to the WhatHouse? New Homes Index. Its findings reveal that the average price of a Help to Buy (HTB) home in the region is £159,710, £26,390 below the regional HTB price cap set by Government.
- The average HTB property price in the North East is £159,710
- This is followed by Yorkshire & The Humber (£161,505) and the North West (£191,098)
- The average HTB property in London is priced at £453,419
- The HTB price cap set for the North East is £186,100
Hill, Managing Director, WhatHouse? added: “Many would-be first-time buyers have used the past eighteen months to save for a house deposit. The Help to Buy scheme’s requirement of 5% deposit seems to be making all the difference and with average Help to Buy homes priced below the price cap set by Government first-time buyers considering home ownership with find it far more attainable in the North East than anywhere else.”
Source: Show House News
