New-builds languish at 8% of listings

Only 8% of listed properties are currently new-build, with some cities – including London – revealing even less in what is being described as “a drought”.

With a new Government Help to Buy scheme set to be unveiled in next month’s Budget, there are warnings that demand will outstrip supply.

The Capital and Wales have some of the biggest shortages, with new homes accounting for just 6.3% and 3.9% respectively, according to research from UK Property Development (UKPD).

But the figures vary dramatically between British cities, with new-builds making up 16.5% of listings in Liverpool, and just 2.3% in Brighton, a gap of more than sevenfold.

Increased demand

Andy Morrison, Director at UKPD (pictured), says: “Andy Burnham’s plan to bring back Help to Buy will almost certainly increase buyer demand for new-build homes.

“But these figures highlight just how limited the choice of new-build homes is up and down Britain.

“They account for barely 8% of the market, so buyers who specifically want a newly built property are already dealing with a small pool, and the challenge becomes even greater for those looking for a genuinely high-quality or luxury new home.”

Limited choice

He adds: “London is a particularly striking example, with new-builds making up just 6.3% of all available listings. For buyers who want the benefits of a new property, combined with a high level of design, specification, and finish, the available choice is therefore extremely limited.”

“More broadly, the figures also underline the scale of the challenge facing the government as it seeks to accelerate housebuilding.”