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Property News > New Homes Only 14% of Properties Sold in England and Wales
New Homes Only 14% of Properties Sold in England and Wales
The Government have been focusing on getting new affordable properties built and into the hands of the buyers, and we saw a focus on this in the Budget. With progress being made in the actual building of the houses and having the skilled workers to do the job, it seems that many are yet to buy these new homes they have been promised.The Government have a steep slope to climb in fixing the housing market, and for the most part it is a problem of their own creating. Now with the work they are putting into getting homes built and fixing the crisis, people are going to be looking for signs that these new homes are not only ready to be lived in, but are actually being bought.With the new measures coming into effect to help first-time buyers, three is signs that interest is there in finally getting onto the property ladder. While these affordable homes would be perfect for them, they actually have to be available.Looking at the figures from last year, which gives a good view of how new builds are selling, most have been sold in Cambridge and London. The lease was in Ipswich and Oxford, which shows as expected the London bias as many people look to find affordable homes in the more expensive areas of the country.Research done by Fasthomes shows that the lowest proportion of new homes were sold in Oxford at 4.3%, Cardiff at 5.9%, Ipswich 6.6%, and many others including cities like Hull and Leeds.Looking at the housing market as a whole, the busiest sales were seen in London which had a total of 73,066 properties sold. Only 14,591 of these were new homes, which is obviously a number that the Government will want to see change in the coming years are more of their affordable homes appear on the market.With the new homes now being built, it isn’t just a case of availability though, it is also a case that existing homes come with them a series of advantages. While the Government are pushing for affordable new homes, they are on average still more expensive than existing ones. Existing properties also bring with them a greater size, especially those that were build before 1980.The biggest problem right now though is that there is a lack of new homes on the market, but if the Government plans work, this will be changing. It will be interesting though to see if these homes will be build where there is the most need, or if these homes will affect the dominance of certain areas on the market. The most important thing of course is to get house buyers the home they want, in the area they want it.