7th November 2023

New-build properties remain overwhelmingly popular despite a small drop in the number of starts in the past year. 

New home starts slip 

Work was started on 137,800 new-build homes in England during the 2022/23 financial year to the value of £55bn1, which represents a 1.4% year-on-year decline. 

Generally, a new-build house or flat is counted as a ‘start’ from the moment on-site construction begins. For example, when the foundations are laid for a block of 100 flats, that is counted as 100 ‘starts.’ 

New-build premium skyrockets  

The average new-build house price, meanwhile, rose by 13.8% on an annual basis. 

A separate study by the same business has shown that, with the average new build now valued at £425,186, the premium commanded by new homes currently sits at 52%. This astronomical difference follows a 20% increase in the premium over the course of the last year alone. 

London leads the way 

Regionally, the annual change in the number of new build starts ranges from a 13.4% increase in London to a 14% drop in Yorkshire & Humber. In terms of price growth, the South West (16%) and East Midlands (15.9%) were out in front, with London (9.3%) recording the lowest growth. 

1Sourced Franchise, 2023 

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments