LONDON is the only UK city to have a more valuable new-build home market in 2022 than Edinburgh, Glasgow, and Aberdeen respectively, new research has revealed.
Market analysis by Unlatch, the new homes sales progression and aftercare platform for developers, revealed that there was a total sales volume of 533 homes in London in 2022 at an average price of £562,397 – making the city’s market worth £300 million.
In Edinburgh, there was 555 sales at an average price of £404,811 making the overall market value £224 million. There was 368 sales in Glasgow in a market worth £93.2 million, and 229 in Aberdeen making its market worth £61 million.
Birmingham came below the Scottish cities in fifth place, with a market worth of £13 million, followed by Bournemouth (£8.3 million), Leeds (£8.2 million), Coventry (£7.4 million), and Bristol (7.2 million).
Lee Martin, head of UK for Unlatch, said, “The total value of new-build market sales so far this year may seem sizeable, but it’s fair to say that it’s really just the tip of the iceberg.
“We’ve seen a number of factors complicate the construction and development of new homes in recent years and while the pandemic proved challenging, the escalating cost of materials and the issues surrounding EWS1 forms have also played a part in the delivery and sale of many properties.
“It seems as though the impact of some of these issues remain as so far this year, the sheer volume of new-build homes sold is actually down on an annual basis. However, this certainly doesn’t look set to be an ongoing issue and many big housebuilders have set their sights on Q4 to deliver some of their largest developments.
“Therefore, we can certainly expect a late flurry of sales over the coming months and it will be interesting to see just what the total value of new-build transaction hits come the end of the year.”