The latest research has revealed which pockets of the market have proved the most pandemic proof for new build sales over the last year.
At HouseScan, we analysed data on new build sales data over the last 12 months and how the market has performed in the face of a pandemic compared to the previous 12 months.
The latest data shows that there have been some 79,997 new build sales across Britain as a whole, a -35% decline on the 124,009 new builds sold in the previous year.
The South West has seen the largest decline in new build sales, with total transactions down -40% on the previous year. The North East and London have also seen transactions in the sector dip by -39% annually, with the East and West Midlands again seeing some of the largest declines at -38%.
While all British regions have seen a decline, some more localised pockets of the new build market have weathered the storm.
In West Devon, there were 124 new build transactions over the last 12 months, a 343% increase on the 28 new homes sold over the previous 12 months.
Merthyr Tydfil and North Ayshire have also seen some of the largest increases in new build transactions, up 188% and 137% respectively.
Thanet (87%), Wyre Forest (80%), Westminster (51%), Newcastle-under-Lyme (47%), Brent (43%), Caerphilly (33%) and East Renfrewshire (33%) also rank within the top 10 where the largest increase in new build transactions over the last 12 months is concerned.
Founder and Managing Director of HouseScan, Harry Yates, commented:
“It’s clear that when analysing transactional performance across the new build sector, the issues posed by Covid have had a detrimental impact. This has primarily been due to the restrictions placed in the initial months of 2020 preventing many in the sector from both building and selling units.
However, as with the regular market, the new build sector has enjoyed a boost in activity following the market’s reopening and the dangling carrot of a stamp duty saving. Of course, this initial demand will take time to appear at a top-line transactional level, but it places the sector in a strong position for a positive year ahead.
While demand across the regular market may see a decline come March and the end of the stamp duty holiday, we expect to see the new build sector remain favourable amongst UK buyers and, as a result, both transactions and price growth should continue to climb in 2021.”