"With the property market and wider economy already showing signs of recovery for 2024, we fully expect new-build delivery to increase across the nation over the coming year, and it will be particularly interesting to see what kind of pledges come from the mouths of our politicians as we creep closer and closer to a general election"
- Jason Ferrando - easyMoney
Analysis by peer-to-peer real estate investment platform, easyMoney, reveals that in the last year, new-build completions accounted for less than 1% of England’s total dwelling stock.
However, while some local authorities failed to deliver even a single new home, others bucked the trend with strong showings from the new-build sector.
easyMoney has analysed the latest new-build home completion data for England (2022-23) and compared the number of new homes delivered to the total number of English dwellings to what kind of impact new-build delivery is likely to have on the nation’s stock levels.
The analysis reveals that in 2022-23 there were a total of 174,440 new homes built in England. Measured against the nation’s total number of dwellings, which currently stands at 25.2 million, this means a year’s worth of new homes was equivalent to just 0.7% of total dwellings.
Regionally, it’s the East Midlands and East of England that have seen the most significant stock impact from the new-build sector, with both regions seeing the number of new homes delivered being equivalent to 0.9% of total stock.
This is followed by the South West (0.8%) and South East (0.8%), the latter of which delivered the largest number of new-build homes of all regions with an annual total of 30,960.
Analysing the data on a local authority district level reveals that despite a muted national and regional performance, the new-build sector has made a real impact on housing levels in some areas of the country.
Nowhere in England has the new-build sector made a bigger impact on stock levels than in Mid-Suffolk. The 1,140 new-builds delivered in 2022-23 are equivalent to 2.4% of the district’s 47,029.
New-builds delivered in Stratford-upon-Avon measured 2.3% of all dwellings, followed by South Derbyshire (2.2%), Rushcliffe (2.2%), Vale of White Horse (2.1%), and Milton Keynes (2.1%).
As for the actual number of new-build homes, nowhere delivered more in the year than the local authority district of North Yorkshire with 2,660 homes coming to the market.
While these areas of the country saw good support from the new-build sector, there are three local authority districts that didn’t manage to deliver a single new home in 2022-23. They are the City of London, Gosport in Hampshire, and Adur in West Sussex.
Jason Ferrando, CEO of easyMoney says: “It’s no surprise that England’s new-build sector has delivered a muted national performance after a tough couple of years for builders and developers, but despite this, we’re still seeing some parts of the country see really good investment, not least in and around the midlands.
“With the property market and wider economy already showing signs of recovery for 2024, we fully expect new-build delivery to increase across the nation over the coming year, and it will be particularly interesting to see what kind of pledges come from the mouths of our politicians as we creep closer and closer to a general election in which housing will form a big part of the discourse. As for whether this heady rhetoric translates into positive action, we will have to wait and see.”
