According to analysis by One Sure Insurance, Erewash in Derbyshire ranks lowest among all local authorities in England and Wales for the median price of new homes. Areas within Erewash such as Ilkeston and Long Eaton have an average selling price for new homes of just £122,750.
Stoke-on-Trent in Staffordshire ranks second, with a median new home price of £126,858. Stoke-on-Trent is the largest settlement in Staffordshire, comprising six towns: Stoke-on-Trent, Hanley, Burslem, Tunstall, Longton, and Fenton.
Wirral in Merseyside ranks third, with a median new home price of £135,000. Wirral, located at the westernmost point of urban England, faces Liverpool across the River Mersey.
Cardiff in Wales ranks fourth, with a median new home price of £155,548, while Liverpool in Merseyside ranks fifth with a median price of £170,950.
A spokesperson from One Sure Insurance stated, "This study provides valuable insights into the price range of new homes across local authorities in England and Wales. While it doesn't detail the highest and lowest prices, these median prices offer useful information about the potential average costs of new housing."
"The rankings of Wirral and Liverpool are particularly noteworthy, with other major cities like Stoke-on-Trent and Cardiff also making the top five. This may reflect increased demand for affordable housing due to population growth in these areas, driving new housing construction. Erewash's low housing prices may stem from its relatively rural positioning."
propertywire.com
"The list includes many local authorities lacking data for most types of housing. This could mean they either recorded data only for new apartment prices or that last year, new apartments were the only available housing types, which may reflect current real estate market conditions."
These price disparities highlight the different characteristics and demands of each region. Erewash's low housing prices may attract more buyers looking to purchase new homes at lower costs, whereas higher new home prices in cities like Liverpool and Cardiff reflect their bustling urban life and higher housing demand.
Overall, this data provides valuable information for homebuyers and investors, helping them make more informed decisions across different regions. By understanding the prices of new homes across local authorities, buyers can better plan their housing budgets and choose the areas that best suit their needs.
Continued monitoring and analysis of these price trends are crucial as the market evolves. This will help identify potential investment opportunities and housing hotspots, offering buyers more choices and flexibility. Beyond the aforementioned areas, other places like Wakefield in West Yorkshire and Oldham in Greater Manchester also show relatively affordable prices for new homes. Wakefield has a median new home price of £173,000, while Oldham is at £177,000. These areas also provide attractive buying opportunities.
As governments and developers continue efforts to meet housing needs, the supply and prices of new homes will remain closely monitored. For homebuyers, understanding these dynamics not only helps in making wise purchasing decisions but also allows them to find the most valuable properties in a competitive market. Whether in urban or rural settings, strategic planning and choices will benefit homebuyers greatly.
