Homebuyers have the opportunity to save nearly £50,000 on average by purchasing properties in new towns, according to recent analysis. The average house price in a new town stands at £300,656, compared to the UK average of £346,995, as reported by Halifax. Over the last three decades, property prices in new towns have increased by 441%, slightly lower than the UK-wide increase of 454%.
Some new towns have experienced significant property price surges. Crawley in West Sussex leads the list with a 543% increase in property prices since 1994. Craigavon in Northern Ireland follows closely with a 524% increase, and Hemel Hempstead in the South East of England has seen a 520% rise in average house prices.
The research highlights that properties in new towns are generally more affordable than in wider areas. For instance, the average house price in Peterlee, County Durham, is 41% below the North East of England’s average. Peterborough in Cambridgeshire offers properties at 27% less than the East of England’s average.
Following the Second World War, a significant effort was made to establish new towns to provide housing for those affected by wartime devastation. Halifax’s analysis includes areas developed under the New Towns Act 1946 and subsequent legislation. Amanda Bryden, head of Halifax Mortgages, emphasized the importance of new towns in offering affordable housing options and supporting first-time buyers.
The study calls for a focus on affordability and sustainability in new town development, advocating for social and affordable housing, energy-efficient buildings, green spaces, and accessible public transport. The report is based on data from Halifax’s housing statistics database, using average prices for the 12 months to August in each year.
The top 10 new towns with the highest house price growth over the past 30 years, according to Halifax, include towns like Crawley, Craigavon, and Hemel Hempstead. Additionally, the research identifies new towns like Peterlee, Peterborough, and Skelmersdale as offering the most significant discounts compared to regional property prices in 2024.
New towns such as Peterlee, Washington, and Skelmersdale have been highlighted as providing the most affordable options for first-time buyers in 2024. The research sheds light on the potential benefits of purchasing homes in new towns, showcasing opportunities for savings and future growth in these communities.