Yes, you read that correctly. There are some areas of the country where new build homes are cheaper than older properties. This comes from recent analysis done by Zoopla. In this article, we take a look at where these areas are and showcase some of the new developments located in or nearby them.
New build homes versus older properties
It’s long been known, and believed, that new build homes are expensive than older, second hand properties. The reason for the difference in price comes down to the fact you are paying a premium for a property that is entirely brand new. And in today’s world, new homes now offer desirable energy efficiency solutions and can often come with a range of special offers or incentives for buyers. In fact, in the analysis done by Zoopla, it was found that two thirds of homebuyers either want or would consider buying a new build.
Despite the traditional belief that new builds are more expensive, it would appear that in some areas, average prices of new build homes are cheaper than second hand properties.
About the data
The data gathered by Zoopla is based on homes listed for sale on their platform between November 2023 and January 2024. And when looking at the price comparison, the data compares the median price of a 3-bed new build home with the median price of a 3-bed older property. Here are the results...
Winchester
Top of the list is Winchester where you will find the largest price difference between a new build and second hand home – a whopping £118,500 (22% difference) in fact.
The data shows the median price of a 3-bed new build home in Winchester is £431,500 while the median price of a 3-bed resale home is £550,000.
Take a look at the Forest Walk development from David Wilson Homes in Curbridge, which is around 10 miles north west of Winchester. Prices for a 3-bedroom new build home start from £382,500 and the brand-new ‘Own New – Rate Reducer’ scheme is also available. Find out more about the Rate Reducer scheme here.
The Forest Walk development in Whiteley Meadows is surrounded by countryside, featuring walking trails to explore. As well as schools and nurseries nearby, shops, restaurants and even a cinema can be found on the development’s doorstep. Find out more about Forest Walk from David Wilson Homes here.
New Forest
Second on the list is the New Forest area, located in the South East. Here, the median price of a 3-bed new build home is £440,000 while the median price of a 3-bed resale home is £485,000. This amounts to a £45,000 (9%) price difference.
We currently don’t have any new build homes for sale in this region. But you can be the first to know about new build homes coming to the market in the New Forest area by signing up to our newsletter here.
Coventry
Coming in at third on the list is Coventry in the West Midlands. Here, the median price of a 3-bed new build home is £206,300 and the median price of a 3-bed resale home is £242,500. The difference in price is £36,200 (15%).
This is a 3-bed property on the Callendar Farm development on the outskirts of Nuneaton, which is around 10 miles north of Coventry centre. A development from David Wilson Homes, Shared Ownership is available through their Kickstart scheme. The property is listed at £172,500, which is 50% of the share price. There is the opportunity to buy between 10% and 75% and pay rent on the remaining share.
The development itself is a great place for families to settle with handy amenities and a choice of excellent schools all within walking distance. Nuneaton and Hinckley are a short drive away, offering more high street shops and places to eat, with Birmingham itself only being 30 minutes away by train. Find out more about the Callendar Farm development here.
Chichester
In Chichester, in the south east of the country, the price difference between a new build and older property comes in at £35,000 (8%). This is based on a median price of a 3-bed new build home at £400,000 and the median price of a 3-bed resale home at £435,000.
Minerva Heights (Phase 4) in Chichester is a stunning development which offers the best of both worlds for home buyers. It’s located close to the South Downs National Park for outdoor fresh air, exercise and walks. And the city centre with all its shops, eateries and culture is less than 2 miles away.
As well as 3-bedroom homes on the development, which start from £425,000, younger families can find 2-bedroom homes available for sale too. Don’t miss this phase of the Minerva Heights development from Miller Homes – take a closer look here.
East Lindsey
Over in the East Midlands region, you will find East Lindsey and here the median price of a 3-bed new build home is £224,000. You can compare this with the median price of a 3-bed resale home at £250,000 and a price difference of £26,000 (10%).
A development offering 3-bed new build homes at prices starting from £232,995 is the Bracken Park development in Louth from Gleeson Homes. It features a selection of homes from 2 bedrooms up to 4 bedrooms, all nestled on the edge of the scenic Lincolnshire Wolds. Louth itself is a historic market town and its only a 5-minute drive away, while the development has a few amenities within walking distance.
Take a look at Bracken Park from Gleeson Homes here.
Here at New Homes Place we make it easier for you to find your dream new build home, no matter where in the country you hope to live. Simply use our easy-to-use search tool to get started.
Enter the area you want to live in or near and select your budget, and we will bring the results of all the new homes available nearby, from a range of housebuilders. Start your new home search today.
