The WhatHouse? New Homes Index has just released data indicating that buyer interest in new build homes across Britain has increased, reaching a peak during Q2 of 2023. The period witnessed a total of 493,521 buyer searches, marking a significant 135% increase compared to figures from Q1.
Furthermore, the national average price of new home properties entering the market rose by 3% in June, reaching £338,042, compared to £326,660 in May. This upward trend in property prices reflects the continued high demand and interest from buyers.
The data also reveals the top three areas with the highest new home search activity in June 2023:
— 1. South East of England: 22,862 new home buyer searches
— 2. London: 16,819 new home buyer searches
— 3. West Midlands: 16,445 new home buyer searches
The surge in demand during Q2, with nearly half a million new home buyer searches, demonstrates the strong interest in the housing market. This surge might have slowed slightly following the anticipated tax-free threshold drop on June 30th, but market activity remains robust as buyers across the UK continue to express interest in new build homes, spurred by their evolving space and lifestyle needs.
Stewart Baseley, the Executive Chairman of The Home Builders Federation, expressed that the demand for new homes remains robust. While the industry faces some challenges with material availability, these issues are being addressed. Many sites have already been forward sold for the rest of 2023 and even into 2024, with investment appetite remaining strong.
