On average, new homes cost almost 20% more than pre-owned properties of the same size. Research carried out by Monmouthshire Building Society (MBS) found a staggering variation around the country when comparing the cost of new -v- old homes throughout 2019. For example, in Greater London a new detached property cost nearly 25% less than an existing detached. Yet, in the North West, a new terraced property cost almost 55% more than a pre-owned one. New flats in North Wales cost about 50% more than their pre-owned counterparts.
Unsurprisingly, it was in Greater London that the highest proportion of new build sales took place at 13.7%, outperforming the England & Wales average of 11.5%. New build sales in Wales on the other hand reached 6.6%. It’s clear there are some benefits of owning a new home, with various mortgage products to attract first-time buyers, the latest renewable technologies and a 10-year warranty, although other people prefer the character of an older home. It all really comes down to individual worth and preferences. However, with these variations around the UK, some buyers could really benefit from investigating price differences in their region. Find the report from MBS here.