Sourced Franchise research shows £55 billion worth of new houses

Sourced Franchise research shows that work has started on £55 billion worth of new-build homes in England during the 2022-23 financial year.

The research shows that there was 137,800 starts in England, a 1.4% decline from the previous year but it remains the second highest number of starts since 2018.

Sourced Franchise director, Chris Kirkwood, commented: “It’s great to see that the new-build sector has remained largely undeterred by the current economic landscape and the sector is continuing to push forward to deliver a much needed boost to housing stock levels.”

The research also shows that the annual change in the number of new-builds starts ranges from 13.4% increase in London to a 14% decrease in Yorkshire and Humber. It also showed an annual increase of 13.8% in the average new build price, which has climbed to £399,063.

“While total starts may have declined marginally year on year, a notable £55bn worth of property is making its way to market, although it is fair to say that there is quite a disparity in delivery from one region to the next,” said Kirkwood.

The research also found that the South West, 16%, recorded the largest annual price growth, which was followed by the East Midlands, 15.9% and West Midlands, 14.8%. England’s lowest growth was recorded in London, 9.3%.

Kirkwood added: “This is often the case when it comes to housing delivery and decisions on what to build and where will always be driven by market demand, which in turn, ensures a robust price is achieved when homes do reach the market.”

London remains the most expensive new-build region with an average price of £559,569, followed by the South East at £483,944 and the East of England at £469,848.