Revealed! The areas where new-builds are cheaper than second-hand homes

Posted on Friday, March 1, 2024

New-build homes may typically command a premium compared with the second-hand market but new research has revealed areas where this isn’t the case.

Property portal Zoopla has revealed 30 areas in the UK where the asking price of a three-bed new-build home is up to £120,000 cheaper than a resale property

Leading the way is the cathedral city of Winchester, where a 3-bed new-build home is £118,500 (22%) cheaper than an equivalent resale home.

This is followed by nearby New Forest, where a 3-bed new-build home is £45,000 cheaper than a 3-bed resale property.

Value for money can also be found in new-build properties in Chichester, where new-builds are £35,000 cheaper than a resale property) on average, as well as Stroud where they were found to be £20,000 cheaper on average. 

Daniel Copley, Consumer Expert at Zoopla, said: “There’s often a perception that new-build properties are more expensive than resale homes - however, our data shows that there are in fact many areas of the country where new-builds are cheaper than resale homes. 

“Two thirds of buyers either want a new home or would consider buying new. New-build homes offer additional benefits over buying a second hand property, most notably better energy efficiency and the possibility to purchase your home using a scheme like shared ownership as well as the availability of special offers and incentives.”

Local authority

Price difference (£)

Price difference (%)

Median price of new home

Median price of resale home

Winchester

-£118,500

-22%

£431,500

£550,000

New Forest

-£45,000

-9%

£440,000

£485,000

Coventry

-£36,200

-15%

£206,300

£242,500

Chichester

-£35,000

-8%

£400,000

£435,000

East Lindsey

-£26,000

-10%

£224,000

£250,000

Derbyshire Dales

-£25,000

-8%

£300,000

£325,000

South Hams

-£25,000

-7%

£350,000

£375,000

Canterbury

-£25,000

-6%

£375,000

£400,000

Worthing

-£25,000

-6%

£425,000

£450,000

South Oxfordshire

-£25,000

-5%

£450,000

£475,000

Stroud

-£20,000

-6%

£330,000

£350,000

Cheltenham

-£20,000

-5%

£360,000

£380,000

Redcar and Cleveland

-£17,000

-10%

£158,000

£175,000

Perth and Kinross

-£15,000

-6%

£225,000

£240,000

Forest of Dean

-£15,000

-5%

£280,000

£295,000

High Peak

-£11,500

-4%

£286,000

£297,500

South Holland

-£10,000

-4%

£240,000

£250,000

North Devon

-£10,000

-3%

£290,000

£300,000

North Somerset

-£8,500

-3%

£316,500

£325,000

Eastbourne

-£7,500

-2%

£357,500

£365,000

Sedgemoor

-£6,000

-2%

£274,000

£280,000

Mansfield

-£5,700

-3%

£194,300

£200,000

North East Derbyshire

-£5,000

-2%

£240,000

£245,000

Hambleton

-£5,000

-2%

£282,500

£287,500

Rother

-£5,000

-1%

£410,000

£415,000

Folkestone and Hythe

-£3,500

-1%

£346,500

£350,000

Fylde

-£2,500

-1%

£241,500

£244,000

Wyre Forest

-£2,500

-1%

£257,500

£260,000

Wychavon

-£2,500

-1%

£320,000

£322,500

Adur

-£2,500

-1%

£405,000

£407,500

Via @EstateAgentToday