Fewer than one in 5 new homes on property portals have been listed as “bought” within the third quarter of this 12 months, new analysis has proven.
Demand for new-build properties fell each quarterly and yearly in Q3, based on evaluation by Property Inspect of Rightmove listings.
The analysis discovered that simply 17.7% of new-build listings throughout Britain have 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 have been underneath supply.
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 development.
Southampton noticed 40.3% of new-build homes already underneath supply, 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 current 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 cause that the brand new homes sector might be extra susceptible to those market influences.
“However, the image isn’t totally destructive.
“Cities resembling Sheffield and Southampton show that urge for food for high quality new-build inventory stays robust when the appropriate product is delivered.”
