The number of buyers in the UK property market searching for new build homes rose by 11% in July – a significant increase over the previous month – and with all regions across the country registering an increase in demand according to WhatHouse?. Demand for a new build property was overwhelmingly higher in the North West and North East regions, with searches in these regions soaring by 18% and 23% respectively, and the North West reporting over 5,200 searches for new build properties in just one month on the WhatHouse? platform.
The demand for luxury property searches has also increased by a staggering 22% nationally, with a 67% decrease in searches for London and its boroughs – indicating even more buyers and investors are moving away from the capital and its poor return on investment.
“This month’s positive data regarding new build searches highlights that predictions about a widespread collapse in the housing market are extremely premature. Demand – across all key sectors and all regions covered – remains robust.” Daniel Hill, Managing Director at WhatHouse?.
As more buyers and investors move away from the capital and set their focus on the North West, it is unsurprising to see demand in this region outperform the vast majority of the country, as the average asking price for new build properties in the North West sits at just £294,015 compared to the significantly higher prices of the more southern regions; such as £343,171 in the East Midlands, £362,788 in the West Midlands, £395,214 in the East of England, and £491,389 in London.
To learn more about the demand for new build properties in the North West and how to best maximise your investments for a higher rental yield, get in touch with one of our expert property consultants today.