The British town where the most new houses are built – and it’s affordable
Research from website Zoopla and property analysts Hometrack found Milton Keynes has the highest concentrations of new-build homes.
MILTON Keynes has been named as Britain’s "new build capital" with new homes accounting for over a third of property sales last year, research has found.
Property website Zoopla analysed data from Hometrack to reveal which areas of Britain are home to the highest concentration of new build homes as a share of all property sale.
It revealed that Milton Keynes, which is celebrating its 50th birthday this year, has the highest proportion of new builds in Britain, outside of London, with 33.2 per cent.
The town also recently ranked recently among the areas where homes sell the quickest and is is rapidly turning into a new property hotspot.
Still it remains surprisingly affordable, according to , which analyses property data on all 27 million UK homes on a continuous basis.
First time buyers hunting for a home in Milton Keynes can get on the property ladder for £301,717 compared to £304,247 in the rest of the UK and a whopping £607,077 in London.
Crewe, Ilford, Salisbury, Middlesbrough and Northampton were also on the top ten new-build hotspots list.
When looking at the data from the Office for National Statistics, on a regional basis, London continues to be the region with the highest average house price at £483,000, followed by the South East and the East of England, which stand at £315,000 and £281,000 respectivel
Lawrence Hall, a spokesperson for Zoopla said these new findings give us a useful overview of where new builds are most common around the country, outside of the capital.
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“While there is a correlation between a large proportion of new builds and higher property price growth, new homes are typically developed in areas of high demand, which has already contributed to a rise in property values,” he added.
House prices in the UK bounced back in June, erasing the decline recorded over the previous three months – the longest sustained fall since 2009, according to Nationwide’s latest index.
How to get help buying a house
HERE are several government schemes available to help you get on the housing ladder.
- Help to Buy loan: This scheme is for those who have a 5 per cent deposit, and is only available on new-build properties that are worth less than £600,000. The government lends you up to 20 per cent of the property value (interest-free for the first five years) which gives you access to cheaper mortgages. You will need to pay this back at the end of the mortgage or when you sell.
- Starter Homes: First-time buyers under the age of 40 can access this new scheme. You’ll get a 20 per cent discount on the market value of the property (new-build only) but you cannot sell or let the property for five years after you buy it.
- Shared ownership: This scheme is available to non-homeowners who earn £80,000 a year or less (£90,000 in London). People can buy a share of a home from a housing association and continue to rent the remainder. Buyers will need a ten per cent deposit as well as money to cover stamp duty and other fees. You’ll also need to find a mortgage lender that is willing to lend on shared ownership propertie
But property expert seems to agree that the return to growth is short lived.
Hannah Maundrell, editor-in-chief of money.co.uk previously advised future home buyers to make sure they do their research and haggle to get a price they’re happy with.
She said: “If you want to sell at the top end of the price scale you’ll need to make sure your home is better than anything else out there, and be prepared to wait for someone that wants to pay a premium.”
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