Fewer than one in 5 new homes on property portals had been listed as “bought” in the third quarter of this 12 months, new analysis has proven.
Demand for new-build properties fell each quarterly and yearly in Q3, in keeping with evaluation by Property Inspect of Rightmove listings.
The analysis discovered that simply 17.7% of new-build listings throughout Britain had been marked as “bought topic to contract” (SSTC) in Q3, down 0.5% on the earlier quarter and 1.1% 12 months on 12 months.
Demand was weakest in Newcastle, the place solely 4.5% of latest homes had been underneath provide.
Liverpool was a detailed second at 4.8%, adopted by Aberdeen at 6%, Swansea at 6.4% and Leeds at 9.3%.
Despite the general slowdown, some cities bucked the pattern.
Southampton noticed 40.3% of new-build homes already underneath provide, adopted by Sheffield at 33.1%, Bournemouth at 22.6%, Bristol at 21.8% and Portsmouth at 21.7%.
Sheffield additionally noticed the largest quarterly enchancment, with demand up 12.5%.
In Bournemouth it rose by 7.7%, Plymouth by 6.1%, Swansea by 5.3% and Southampton by 5%.
Property Inspect operations director Sián Hemming-Metcalfe says: “Buyer demand for new-build homes has undoubtedly cooled in latest months, with fewer than one in 5 discovering a purchaser.
“Rising borrowing prices, affordability pressures and the uncertainty surrounding authorities housing coverage forward of the Autumn Statement have all mixed to make purchasers extra cautious.
“With new-builds commanding a powerful premium versus common housing inventory, it stands to purpose that the brand new homes sector will probably be extra weak to those market influences.
“However, the image isn’t solely detrimental.
“Cities equivalent to Sheffield and Southampton exhibit that urge for food for high quality new-build inventory stays robust when the correct product is delivered.”
