Looking for great value new homes? Zoopla reveals the 30 areas where new-build homes are up to £120,000 cheaper than a resale property
The biggest price difference is in Winchester, where a 3-bed new-build property is a whopping £118,500 cheaper than the equivalent re-sale property
Other areas where new builds represent good value for money (in comparison to resale properties) include the New Forest, Coventry, Chichester and East Lindsey in Lincolnshire
Zoopla data reveals the 30 local authorities in the country where it’s cheaper to buy a 3-bed new build instead of a 3-bed resale property
1st March, London: With 3-bed houses consistently ranking as the most popular property type in the UK, the latest data from Zoopla has revealed the 30 areas in the UK where the asking price of a 3-bed new-build home is up to £120,000 cheaper than a resale property
Leading the way is the beautiful cathedral city of Winchester, where a 3-bed new-build home is £118,500 (22%) cheaper than an equivalent resale home. This equates to the price of this two bedroom apartment in Aberdeen. This is followed by nearby New Forest, where a 3-bed new-build home is £45,000 cheaper than a 3-bed resale property.
Value for money can also be found in new-build properties in Areas of Outstanding Natural Beauty including Chichester (£35,000 cheaper than a resale property), Stroud (£20,000 cheaper than a resale property), South Hams (£25,000 cheaper than a resale property) and North Somerset (8,500 cheaper than a resale property).
When it comes to purchasing a property, buyers interested in new-build homes tend to look further afield. Buyers in the East Midlands are happy to travel an additional 2.3 miles to secure a new-build property, while buyers in Yorkshire and The Humber are the least flexible when it comes to location and only look an average of 1.3 miles further afield.
Geo | Median distance of a resale home (m) | Median distance of a new homes (m) | Difference (m) |
|---|---|---|---|
UK | 3.8 | 5.8 | 2.0 |
East Midlands | 2.8 | 5.1 | 2.3 |
East of England | 7.6 | 11.2 | 3.6 |
London | 4.3 | 5.6 | 1.3 |
North East | 2.6 | 4.0 | 1.4 |
North West | 2.8 | 4.1 | 1.3 |
Scotland | 4.6 | 5.6 | 1.0 |
South East | 5.4 | 9.2 | 3.9 |
South West | 3.4 | 5.6 | 2.2 |
Wales | 3.5 | 5.3 | 1.8 |
West Midlands | 2.9 | 4.6 | 1.7 |
Yorkshire and The Humber | 2.5 | 3.8 | 1.3 |
Daniel Copley, Consumer Expert at Zoopla said: “There’s often a perception that new-build properties are more expensive than resale homes - however, our data shows that there are in fact many areas of the country where new-builds are cheaper than resale homes. Two thirds of buyers either want a new home or would consider buying new. New-build homes offer additional benefits over buying a second hand property, most notably better energy efficiency and the possibility to purchase your home using a scheme like shared ownership as well as the availability of special offers and incentives.”
Local authority | Price difference (£) | Price difference (%) | Median price of new home | Median price of resale home |
|---|---|---|---|---|
Winchester | -£118,500 | -22% | £431,500 | £550,000 |
New Forest | -£45,000 | -9% | £440,000 | £485,000 |
Coventry | -£36,200 | -15% | £206,300 | £242,500 |
Chichester | -£35,000 | -8% | £400,000 | £435,000 |
East Lindsey | -£26,000 | -10% | £224,000 | £250,000 |
Derbyshire Dales | -£25,000 | -8% | £300,000 | £325,000 |
South Hams | -£25,000 | -7% | £350,000 | £375,000 |
Canterbury | -£25,000 | -6% | £375,000 | £400,000 |
Worthing | -£25,000 | -6% | £425,000 | £450,000 |
South Oxfordshire | -£25,000 | -5% | £450,000 | £475,000 |
Stroud | -£20,000 | -6% | £330,000 | £350,000 |
Cheltenham | -£20,000 | -5% | £360,000 | £380,000 |
Redcar and Cleveland | -£17,000 | -10% | £158,000 | £175,000 |
Perth and Kinross | -£15,000 | -6% | £225,000 | £240,000 |
Forest of Dean | -£15,000 | -5% | £280,000 | £295,000 |
High Peak | -£11,500 | -4% | £286,000 | £297,500 |
South Holland | -£10,000 | -4% | £240,000 | £250,000 |
North Devon | -£10,000 | -3% | £290,000 | £300,000 |
North Somerset | -£8,500 | -3% | £316,500 | £325,000 |
Eastbourne | -£7,500 | -2% | £357,500 | £365,000 |
Sedgemoor | -£6,000 | -2% | £274,000 | £280,000 |
Mansfield | -£5,700 | -3% | £194,300 | £200,000 |
North East Derbyshire | -£5,000 | -2% | £240,000 | £245,000 |
Hambleton | -£5,000 | -2% | £282,500 | £287,500 |
Rother | -£5,000 | -1% | £410,000 | £415,000 |
Folkestone and Hythe | -£3,500 | -1% | £346,500 | £350,000 |
Fylde | -£2,500 | -1% | £241,500 | £244,000 |
Wyre Forest | -£2,500 | -1% | £257,500 | £260,000 |
Wychavon | -£2,500 | -1% | £320,000 | £322,500 |
Adur | -£2,500 | -1% | £405,000 | £407,500 |
Methodology
Data covers the three months to 5 Feb 2024. Sample excludes shared ownership
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