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New homes market commentary, October 2018

18th October 2018

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Over 3100 new homes have started construction across our local area over the past year with over 2,800 having completed. New home starts are up 4.3% year-on-year, compared to a decline of 4.3% across England as a whole, while the number of new build completions is up 19% on the previous year’s total.

Over the next decade, the number of people expected to call our area ‘home’ is set to increase significantly, many of whom will be seeking a property to purchase.

Across our area new build sales have accounted for 11% of all property sales over the past year, with the average purchase price £448,611, an 11% premium over second-hand stock.

Across Alresford, Farnham and Romsey less than one in 20 sales has been a new build, compared to one in ten across Winchester and close to one in five across Alton and Bishop Waltham thanks to the completion of schemes at Medstead and Botley. While many developments across our area are small scale, taking into consideration the natural beauty of the South Downs National Park on our doorstep, the phased developments at North Stoneham Park near Chandlers Ford and at Kings Barton, Winchester are currently set to deliver over 3000 new homes over the next decade and create new neighbourhoods on our doorsteps.

Close to three-quarters of new build properties purchased across our market area over the last year have been detached or terraced/town house properties, with average sales prices of £546,232 and £379,486 respectively.

The quality of our local schools means that our areas are a magnet for families, with many purchasers looking to trade-up and stay within the local area. Prices across our market area also offer a considerable discount on the capital, with the average price of a new build house in the same ball park as the price of an apartment across London.

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