According to Benham and Reeves’ data, the proposed increase in new homes delivered annually across England would boost housing supply by 22% – taking the yearly number from 305,223 to 371,541.
The average price growth in the English new-build property market over the last five years has been 3.5% annually. Based on this, Benham and Reeves expect the current average price of a new-build property (£420,532) to increase to £435,087 in one year.
However, other regions have seen higher average growth over the last five years. For example, new-build prices have increased the most in the North West, where there is an estimated yearly growth over the past five years of 7.6%. The average price is also lower than the national average. It currently stands at £331,732 and is projected to rise to £357,034.