New research analysing the nation’s fastest-growing property markets in terms of new-build completions has found that Stratford-on-Avon leads the way…
The researchers compiled data on the number of new homes completed in 2022 and worked out the increased size of the property market in each area using 2021 dwelling figures.
Nationwide, with an estimated 24.873m dwellings found across England as of 2021 and the research showing that in 2022, 176,570 new homes were completed across England, the residential property market increased by 0.7 per cent last year.
Localised Property Market Growth
Stratford-on-Avon surfaced as the area with the highest increase in market size with the completion of 1,520 new properties in 2022 amounting to a 2.39 per cent growth rate on 2021 numbers.
Milton Keynes followed closely behind with a 2.36 per cent increase, adding 2,770 properties to its market. Not far behind Milton Keynes was Rushcliffe with a 2.33 per cent growth rate and 1,210 new properties. Mid Suffolk and South Derbyshire experienced a growth rate of 2.27 per cent and 2.18 per cent respectively, adding 1,060 and 1,040 properties to their markets.
Other areas with notable growth include the Vale of White Horse (2.11% growth), East Cambridgeshire (2.04%), East Hertfordshire (1.95%), Tewkesbury (1.94%), Lichfield (1.93%), Central Bedfordshire (1.93%) and South Cambridgeshire (1.89%)
Regional Property Market Growth
Exploring the regional data, the East Midlands and East of England topped the table seeing 0.9 per cent growth with the completion of 19,280 and 24,590 new properties respectively in 2022.
Meanwhile, the South East and South West regions experienced 0.8 per cent growth, with the former adding 31,550 properties and the latter 20,430 to their markets. The North East and West Midlands regions followed closely behind with a 0.7 per cent increase each, contributing 8,870 and 17,340 new properties respectively.
The North West and Yorkshire and The Humber regions grew at a rate of 0.6 per cent, with 20,520 and 14,360 new properties respectively. While London, brought up the rear adding 19,630 new properties to its market, a growth of just 0.5 per cent.
Kimberley Gates, Head of Corporate Partnerships at Sirius Property Finance, which conducted the research, commented: “An increase of 0.7 per cent may seem insignificant but given this growth comes in addition to almost 24.9m existing dwellings it’s certainly not to be sniffed at.
However, the 176,570 homes delivered last year, yet again, fall well short of previous government targets of 300,000 new homes a year.
These homes are desperately needed to address the housing crisis and while the government may have chosen to bury its head in the sand and scarp these targets altogether, it doesn’t reduce the need for them.”
