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New build sales fail to live up to frenzy seen elsewhere in market

Data released by Zoopla suggests that demand for new builds outside London remains above the five year average, but has failed to match the frenzy of the wider house sales market in the past year.

The North West, Yorkshire and the North East have seen strong new home buyer demand at more than 30 per cent above the five-year average; in London, new homes buyer demand remains around 25 per cent below. 

Zoopla says London is an international real estate market, especially central London, and this market has been affected by multiple lockdowns and no international travel. It anticipates returning workers and overseas buyers will provide a boost to the new homes market over 2022. 

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Meanwhile, Help to Buy continues to aid the new homes market with the scheme supporting £91 billion of sales since its inception in 2013.

In the first of a number of reports to be put on the portal’s free-for-developers-to-access new Housebuilder Hub, Zoopla says the delivery of new homes in 2022 will be in line with 2019 after a boost in delivery this year. 

It estimates that completions for this year will be 170,000 homes in England.

The hub will provide research and insight for housebuilders on stages of the development life cycle from planning through to final plots remaining. 

The portal says new content will be added regularly on topics including the search terms buyers are using, and the sizes of homes most popular with purchasers. 

Alex Rose, director of new homes at Zoopla, says: “As we head into 2022, strong house price growth coupled with robust buyer demand looks set to provide a sturdy platform for housebuilders. However, the increasing cost of living and the expected rise in mortgage rates will likely have some impact on household buying power over the next two to three years and these headwinds are worth bearing in mind.”

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