New build index

Luckily, the latest research from the experts at money.co.uk looks to uncover where in Great Britain is the best place to purchase a new build property. From the number of new build dwellings and their median value, to the wellbeing of residents in the area, this research shares valuable insights.

Before you compare mortgages it is important to do your research, explore the area and have an idea of median house prices. This knowledge can help you to make an educated decision, to ensure you find a home that is right for you. 

The best locations to buy a new build 

1. West Devon - new build index score 9.27/10

When considering the best location to purchase a new build home, you may want to consider West Devon, which came in first position based on our research. This area is home to quaint, picturesque towns and villages such as Chagford, Princetown and Tavistock, to name a few. 

This area was one of only a few we found offering new build homes at a lower price than second-hand properties. The average price for a new build home in this area is £276,810 compared to £289,742 for an older property. 

When looking at wellbeing, the location ranks highly at 7.784 for factors such as low anxiety and general happiness.

2. Eden - new build index score 9.24/10

Taking second place is Eden, in Cumbria. This valley location is home to the River Eden, which runs through the district and is surrounded by beautiful countryside, offering residents picture-perfect views. 

The data shows that this wonderful part of the country has much to offer with 383.91 new builds per 100,000 residents. 

The average personal well-being score is also greater than that of front-runner West Devon, at 7.929.

3. West Oxfordshire - new build index score 8.99/10

Next on the list is West Oxfordshire, in third position. This district is home to the Cotswolds Area of Outstanding Natural Beauty (AONB) and is made up of historic villages and towns.

The average new build price here is currently at £443,483 and there were 640 new build property completions from April 2020 to April 2021.  

The areas with the most new build properties

1. Manchester - 3,130 new build property completions

When looking at the number of new properties built between 2020 and 2021, it’s no surprise that a major city takes the top spot. Manchester saw 3,130 private new build homes completed over this period.

The homes cost an average of £281,869, with existing homes in the area averaging £214,612. Although older homes typically have a lower cost, it’s important to bear in mind that they may require more work than brand-new properties.

As well as being home to Manchester United and Manchester City football clubs, the area is a bustling city with plenty to see and do.

2. Tower Hamlets - 2,680 new build property completions

This London borough takes second place, with a total of 2,680 private new build properties completed between 2020 and 2021. This area offered some of the most expensive new build homes at £535,794.96 on average. 

If you are lucky enough to live here then you should never be stuck for things to do, given the easy access to the majority of Greater London and the big smoke itself.

3. Leeds - 2,590 new build property completions

In the north of England, Leeds takes the third position with a total of 2,590 private new build completions from 2020 to 2021. New build homes in Leeds are valued at an average of £333,960, which is £112,502 higher than other properties in the area. 

Living in Leeds offers variety, with the city on your doorstep and countryside in the surrounding areas, there’s something for everyone.

The areas with the largest difference between new build property and existing property prices

1. Harlow

The town of Harlow is located in Essex, England and is home to a mix of old and new properties. The research found a price difference of 56.51% between new builds and existing properties, with newer homes costing on average £400,490 more than existing homes. 

This increase suggests that the demand for new builds in this location is high.

2. Blaenau Gwent

Although not home to the most expensive properties on the list, Blaenau Gwent in Wales comes second in terms of the difference in cost. 

New build property values in this area are more than double the price of existing properties at 55.66%. The average price for a new build property comes in at £286,094, compared to the average value of second-hand homes, which is just £126,853.

3. Gravesham

Located in Kent, England, Gravesham is third in these rankings. Our research found a 54.13% difference in price between new build and existing properties in this area. 

Whilst existing properties are valued at an average of £325,756, new build properties are valued at a whooping £710,141.

Results per country

When looking at the results by county it would seem that properties in Scotland see the largest price difference at 38.25%. With new build homes costing an average of £291,259 and older properties averaging just £179,838. 

New build homes in Wales are still more expensive than existing properties, with a difference in the value of 33.42%. 

Whilst properties in England appear to cost more on average than those in both Scotland and Wales, there is a much smaller increase in price between existing and new homes at 27.90%. 

The areas with the most affordable new build properties

1. Hyndburn - £137,072

Located in Lancashire, Hyndburn takes its name from the River Hyndburn and comes first on our list of cheapest new build areas. 

The average new build price is £137,072 which is a £571,661 difference from the Harlow, the most expensive new build area on the list. 

2. North Ayrshire - £156,465

North Ayrshire is second on the list, offering spectacular views of the surrounding coast in the Lowlands of Scotland. 

The average new build price in this area is £156,465 which is a lot cheaper than many other sea-view areas.

3. Burnley - £177,799

Burnley is the second place in Lancashire to feature on the list of low cost new build property locations. As well as being home to Burnley Football Club, the location offers easy access to the rest of Lancashire and beautiful countryside views. 

The average new build property price in the Borough of Burnley is £177,799. 

These findings may be useful to consider when searching for a new build property. The below should assist you in creating a list of questions to ask when buying a new build house.

New Build Snags

When buying a new build home it’s important to check for any small defects, such as chipped paintwork or installation issues. These small defects are known as snags and should have been detected and fixed before new homeowners move into the property. 

Below are examples of common new build snags:

• Chipped paintwork: With several workers passing through the property to ensure its completion, paintwork can easily become chipped or scratched. Although this is a simple accident it can be reported as a snag

• Plastering issues: New build homes are known for smooth and sleek wall finishes, so it’s important to make the developer aware of any plastering issues you come across

• Missed/cracked tiles: Be sure to check for any missed or cracked tiles as these should be replaced

• Damage to doors/windows: Windows and doors are a key security feature in any home and therefore any damage or fault should be brought to the developer's attention

• Brickwork: Although a snagging report does not look at the structure of a property, it can include cracked or damaged bricks. Cracked or damaged brickwork can cause problems in the long-term so should be reported sooner rather than later