New-build market transactions drop during the pandemic

New build transactions have fallen over the last year in cities and towns across England and Wales, according to a recent analysis of the latest data.

Property sales optimisation platform, Unlatch, recently evaluated property transaction records from the Land Registry looking specifically at new-build purchases.

By ranking the nation’s towns and cities on the highest level of new-build value based on the sold prices of these transactions, Unlatch uncovered which towns and cities in England and Wales saw the highest value of new homes sold in 2021.

Locations with the highest value of new-build purchases

The capital saw the highest total value of new homes sold. The figures show that in the last year almost £1.4 billion worth of new-build homes sold across London.

Roughly 50 miles north-west of London, Milton Keynes experienced £89.4 million worth of new homes purchased in 2021.

Some £66.7 million worth of new home purchases were fulfilled in Bedford, with this total also surpassing £50 million in Manchester (£56.3 million), Northampton (£55.7 million) and Worthing (£55.4 million).

Other locations that also experienced a high level of new build home purchases include Birmingham (£48.7 million), Nottingham (£47.2 million) and Newcastle (£46.8 million), while other areas to make the top 20 include Leicester, Ashford, Maidstone, Swindon, High Wycombe, Derby, Reading, Aylesbury, York and Liverpool.

Lee Martin, head of UK for Unlatch concludes: “The new-build sector has had to overcome a variety of obstacles during the pandemic including lockdown restrictions and a shortage of labour and materials, which has also increased costs.”

“There have also been delays across the transaction timeline due to the requirement of EWS1 certifications, but despite all of this, new homes have still accounted for a sizable level of market value in 2021.” 

“While London remains the engine room of the new-build market, it’s clear that new homes are meeting a need the length and breadth of the nation, with towns and cities all over England and Wales ranking with the top 20 where total market value is concerned.”