Housing developments are being constructed across the UK every month in an effort to match rising demand.
New builds in the UK do however come with a premium price tag of £306,997 on average, 26.7% more than the average price paid for an existing property.
Across the UK, there is a variation in the price of a new build property, with some regions being more affordable than others.
Top 10 cheapest area to buy a new build
The most affordable areas to purchase new build properties are either in the North of England or Scotland, with Hyndburn, in Lancashire, being the only authority where the average new build costs less than £100,000.
This is followed by North Ayrshire in Scotland at £126,036 and Burnley (also in Lancashire) at £128,613.
| Rank | Local authority | Region | New build average price |
| 1 | Hyndburn | North West | £99,034 |
| 2 | North Ayrshire | Scotland | £126,036 |
| 3 | Burnley | North West | £128,613 |
| 4 | Inverclyde | Scotland | £149,608 |
| 5 | Hartlepool | North East | £153,681 |
| 6 | Stockton-on-Tees | North East | £154,181 |
| 7 | East Ayrshire | Scotland | £158,600 |
| 8 | County Durham | North East | £159,751 |
| 9 | Argyll and Bute | Scotland | £160,179 |
| 10 | Blackpool | North West | £160,502 |
Top 10 most expensive areas to buy a new build
On the other hand, and unsurprisingly, the most expensive places to purchase new build properties are in the South of England. The most pricey being found in prime central London locations such as Kensington and Chelsea (£1,167,805), Westminster (£1,006,564) and the City of London (£930,033).
| Rank | Local authority | Region | New build average price |
| 1 | Kensington and Chelsea | London | £1,167,805 |
| 2 | Westminster | London | £1,006,564 |
| 3 | City of London | London | £930,033 |
| 4 | Camden | London | £820,735 |
| 5 | Elmbridge | South East | £752,483 |
| 6 | Hammersmith and Fulham | London | £671,776 |
| 7 | Rochford | East | £643,833 |
| 8 | Islington | London | £636,980 |
| 9 | Hackney | London | £635,482 |
| 10 | Merton | London | £629,850 |
Dave Sayce, Managing Director at Compare My Move, the company which conducted the report, commented on the findings:
“Alongside price, there are many other aspects to consider when choosing whether to purchase a new build or an existing property,” Sayce said.
“If you are wanting a property which is immediately livable and ready to move into, a new build may be the best option for you. Most new builds allow you to customise the property to be as bespoke as you like, from choosing the fittings to paint colours. The purchasing process can also be easier, as once you reserve the property it is taken off the market. However, the process from reservation to the completion of construction can be lengthy, so it might not be the best option if you are looking to move in the near future.”
“Although new builds typically offer lower repair and maintenance costs, as well as being more environmentally friendly than existing properties, historical homes do have their benefits. Older properties usually provide lots of character, with features unique to their period, as well as more space and potential to add your own stamp.”