Stripe Property Group analysed the present price of a brand new construct house throughout 12 main UK cities and the way this price differs in comparison with the encircling commuter belt of every metropolis.
The analysis reveals that on common, a metropolis centre new construct will set you again £256,124 within the present market. In distinction, buying inside an area authority within the surrounding commuter belt will set you again a mean of £253,072 – a saving of £3,053 or -1.2%.
The largest new construct commuter belt saving is discovered exterior of Edinburgh. Buying a brand new house within the metropolis centre will at present price you £326,703, whereas seeking to Edinburgh’s surrounding areas sees this worth drop to a mean of £244,817.
This implies new construct homebuyers can save an enormous 25% by wanting past town, a worth discount that equates to a staggering £81,886 lower than buying inside Edinburgh itself.
Cardiff’s commuter belt affords the second largest new construct saving, with new properties surrounding town coming in at a mean of £210,142 . That is some -17.5% under the price of shopping for new within the metropolis itself, saving homebuyers £44,477.
New-build consumers in London can save -11.6% by seeking to the commuter belt, with the common new construct costing £62,470 much less – the second largest financial saving of all cities. Shopping for exterior town centre may even see you pay -8% much less in Newcastle and -5% much less in Leeds.
Nevertheless, in lots of the cities analysed, a brand new construct house will truly price you much less within the metropolis itself in comparison with the commuter belt.
In Nottingham, a brand new house within the surrounding commuter belt is definitely 33% dearer than town centre.
The price of shopping for new within the commuter belt surrounding Birmingham (16.5%), Liverpool (14.2%), Sheffield (8.3%), Glasgow (6%), Manchester (5.2%) and Bristol (4.8%) additionally is available in larger than the common new-build price within the metropolis itself.
Managing Director of Stripe Property Group, James Forrester mentioned, “New properties are standard amongst many consumers who worth the advantages they create above and past the common market, equivalent to assist climbing the ladder by way of shopping for schemes equivalent to Assist to Purchase, the decrease working prices and the fashionable facilities they boast.
“With the benefits they create to first-time consumers specifically, it’s crucial that the federal government stays focussed on the supply of latest housing, whether or not it’s by way of the regeneration of present metropolis centres, or by delivering new developments throughout the commuter belt and past.
“In fact, they understandably include a worth premium hooked up and so many consumers could need to look additional afield so as to climb the brand new construct property ladder.
“Wanting exterior of a significant metropolis to the encircling commuter belt is one option to usually scale back the price of shopping for however, as our analysis reveals, it gained’t all the time imply a extra inexpensive house.
“In truth, in lots of cities equivalent to Birmingham, the place there was a excessive stage of regeneration lately, there’s a wealth of latest properties springing as much as go well with all budgets. So not solely are you able to reap the rewards of shopping for a brand new construct, you are able to do so in a central location with out the necessity of commuting out and in of town.”