Revealed! The areas where new-builds are cheaper than...

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01 March 2024

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Revealed! The areas where new-builds are cheaper than second-hand homes

New-build homes may typically command a premium compared with the second-hand market but new research has revealed areas where this isn’t the case.

Property portal Zoopla has revealed 30 areas in the UK where the asking price of a three-bed new-build home is up to £120,000 cheaper than a resale property

Leading the way is the cathedral city of Winchester, where a 3-bed new-build home is £118,500 (22%) cheaper than an equivalent resale home.

This is followed by nearby New Forest, where a 3-bed new-build home is £45,000 cheaper than a 3-bed resale property.

Value for money can also be found in new-build properties in Chichester, where new-builds are £35,000 cheaper than a resale property) on average, as well as Stroud where they were found to be £20,000 cheaper on average.

Daniel Copley, Consumer Expert at Zoopla, said: “There’s often a perception that new-build properties are more expensive than resale homes - however, our data shows that there are in fact many areas of the country where new-builds are cheaper than resale homes.

“Two thirds of buyers either want a new home or would consider buying new. New-build homes offer additional benefits over buying a second hand property, most notably better energy efficiency and the possibility to purchase your home using a scheme like shared ownership as well as the availability of special offers and incentives.”

Local authority	Price difference (£)	Price difference (%)	Median price of new home	Median price of resale home
Winchester	-£118,500	-22%	£431,500	£550,000
New Forest	-£45,000	-9%	£440,000	£485,000
Coventry	-£36,200	-15%	£206,300	£242,500
Chichester	-£35,000	-8%	£400,000	£435,000
East Lindsey	-£26,000	-10%	£224,000	£250,000
Derbyshire Dales	-£25,000	-8%	£300,000	£325,000
South Hams	-£25,000	-7%	£350,000	£375,000
Canterbury	-£25,000	-6%	£375,000	£400,000
Worthing	-£25,000	-6%	£425,000	£450,000
South Oxfordshire	-£25,000	-5%	£450,000	£475,000
Stroud	-£20,000	-6%	£330,000	£350,000
Cheltenham	-£20,000	-5%	£360,000	£380,000
Redcar and Cleveland	-£17,000	-10%	£158,000	£175,000
Perth and Kinross	-£15,000	-6%	£225,000	£240,000
Forest of Dean	-£15,000	-5%	£280,000	£295,000
High Peak	-£11,500	-4%	£286,000	£297,500
South Holland	-£10,000	-4%	£240,000	£250,000
North Devon	-£10,000	-3%	£290,000	£300,000
North Somerset	-£8,500	-3%	£316,500	£325,000
Eastbourne	-£7,500	-2%	£357,500	£365,000
Sedgemoor	-£6,000	-2%	£274,000	£280,000
Mansfield	-£5,700	-3%	£194,300	£200,000
North East Derbyshire	-£5,000	-2%	£240,000	£245,000
Hambleton	-£5,000	-2%	£282,500	£287,500
Rother	-£5,000	-1%	£410,000	£415,000
Folkestone and Hythe	-£3,500	-1%	£346,500	£350,000
Fylde	-£2,500	-1%	£241,500	£244,000
Wyre Forest	-£2,500	-1%	£257,500	£260,000
Wychavon	-£2,500	-1%	£320,000	£322,500
Adur	-£2,500	-1%	£405,000	£407,500