New Cities in Great Britain: A Paradise for Budget-Conscious Property Buyers

The real estate market in the United Kingdom offers potential for significant savings: According to an analysis by Halifax, buying in a new town can save an average of nearly £50,000 compared to nationwide property prices. The average house price in a new town is £300,656, whereas the UK average is £346,995. Over the past 30 years, property prices in new towns have increased by an average of 441%. This lags slightly behind the nationwide increase of 454%. However, some new towns have experienced above-average price increases. Crawley in West Sussex leads the list with an impressive price increase of 543% since 1994. Craigavon in Northern Ireland and Hemel Hempstead in southern England follow with increases of 524% and 520%, respectively. The study shows that properties in new towns are often cheaper than in the surrounding region. A particularly striking price difference can be seen in Peterlee, County Durham, where houses are 41% cheaper than in the northeast of England. Peterborough in Cambridgeshire also stands out, with a price advantage of 27% compared to the East of England region. Intensive investment in the construction of new towns was made after World War II to meet housing demand. The Halifax analysis covers areas developed under the New Towns Act 1946 and subsequent legislation. Amanda Bryden, head of the Halifax mortgage division, emphasizes the importance of a new town policy that prioritizes affordability and sustainability. Such projects offer attractive opportunities not only for investors but also for first-time buyers. The underlying data comes from Halifax's own real estate statistics database and refers to annual averages up to August.