Property developer, StripeHomes, announced that in the last year the value of new homes delivered has fallen by -6.7%.
StripeHomes were able to accumulate these results by analysing the change in new-build stock delivery and market values and how they’ve changed annually since the start of the pandemic.
Although there was a 4.5% annual increase in new-build values this was counteracted by a -10.8% annual decline in the level of new homes reaching the market.
New homes delivered across England
The findings show that from 2020 to 2021 216,489 new homes were delivered to the property market across England while the average value of a new-build home climbed by 4.5% to £318,196.
This accounts for £69 billion which is 6.7% less than the £74bn worth of new homes that were delivered the previous year.
Overall, only two regions saw an annual increase in the total value of new homes built.
The total value of new-build homes delivered to the market in the East Midlands sat at £5.6 billion in 2020 to 2021. Despite being 1.9% higher than the previous year, the actual volume of new homes declined by -3.6%.
The South West experienced an increase of 0.8%, with new homes delivered last year totalling £7.4 billion and a -4.2% annual decline in volume.
The results put London in first place, with £18.5 billion worth of new homes delivered last year.
Managing Director of StripeHomes, James Forrester, concludes: “The new-build sector has been working overtime to maintain stock delivery in what has been a couple of very challenging years for a whole number of reasons.”
“Covid restrictions, labour shortages and the increasing cost of materials, amongst other things, have all posed problems for the nation’s housebuilders and so the knock-on effect was inevitably going to be a dent to the volume of stock delivered.”
“Even a pandemic property price boom hasn’t been enough to bridge the gap where the total value of this stock is concerned, although it’s fair to say they’ve still put in a tremendous shift given the difficult circumstances and we take our hat off to them.”