Tuesday, September 29, 2020
UK

£57bn worth of new properties hit the UK market in 2019

properties UK

According to data collected by Stone Real Estate, 203,900 new build homes were completed, with the average new build selling for £282,253

Last year, £57bn worth of new properties reached in the market across the UK according to data collected by Stone Real Estate.

The data also shows that 203,900 new build homes were completed, with the average new build selling for £282,253.

The majority of completions occurred in England with 169,020 new homes delivered at an average new build value of £302,642, accounting for £51bn worth of new build value across the UK.

Meanwhile, Wales noted the lowest level of new builds at 5,780, with a total value of £1.2bn.

Regionally, the South East recorded the highest number of completions, with a total of £12bn followed by London at £9.5bn in value.

Michael Stone, founder and chief executive at Stone Real Estate, said, it’s very encouraging to see that despite the backdrop of political turbulence and slower house price growth over the last year, the nation’s housebuilders have continued to deliver a staggering amount of stock to the market.

Not only does the completion of these homes help meet homebuyer demand, but the value of these properties is also helping to stimulate the market and rejuvenate house price growth after months of Brexit uncertainty, said Stone.

London and the South East may have seen the largest decline in price growth as a result of this uncertain market landscape, but despite this, they lead the pack in terms of the value of new homes being delivered to the market. This provides a very firm foundation on which to build and will help accelerate price growth now that buyers are returning to the market with the intent to transact.

Important:
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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