UK DIY News
Study Reveals Local Authorities With Most Expensive New Housing Builds
- Westminster, London has the highest median price for newly built housing at £1,809,875.
- Lambeth came second with £1,241,949 and Hammersmith and Fulham came third with £1,137,613.
- Hackney and Hertsmere ranked fourth and fifth, respectively.
A new study has found that Westminster, London has the highest median price for newly built housing out of all local authorities in England and Wales.
Home insurance broker One Sure Insurance analysed data from the Office for National Statistics to determine which local authorities had the highest median price for all types of newly built housing last year. These results were then compared and ranked from the highest to the lowest prices.
Westminster, London came first in the study with the highest median new housing price of £1,809,875. This area primarily has high-rise flats for purchase and sits in the centre of the city with many of the most important buildings in London.
Lambeth, London ranked second with a median new housing price of £1,241,949. This borough forms part of Inner London and includes widely known landmarks like the London Eye and the Southbank Centre.
Hammersmith and Fulham, London came close behind in third with a median new housing price of £1,137,613. Also forming part of Inner London, this borough includes the Hammersmith Apollo and is unique in having three professional football clubs.
Hackney, London ranked fourth with a median new housing price of £949,050. This section of Inner London includes several Queen Elizabeth Olympic Park venues and is known for hosting the yearly Hackney Carnival.
Hertsmere, Hertfordshire came fifth with a median new housing price of £932,500. The borough houses multiple television studios, including Elstree Studios and BBC Elstree Centre, that produce shows like Strictly Come Dancing and Eastenders.
Other local authorities in the top ten include Woking, New Forest, Broxbourne, St Albans, and Islington.
Erewash, Derbyshire had the lowest median new housing price in the study with £122,750. This borough is largely rural and includes towns such as Ilkeston and Long Eaton, alongside smaller villages.
A spokesperson for One Sure Insurance commented on the findings:
“This study provides valuable insight into the range of prices for newly built housing within local authorities across England and Wales. While it does not show us what the highest and lowest prices are, these median price points offer a perspective on the potential average cost for new housing.
“It is notable that every borough in the top 20 positions is either based in London or somewhere in the south of England, which is likely because of how close they are to the capital or the south coast. Both locations may be desirable places to live for new houseowners due to being business and tourism hubs, respectively.
“There are also many boroughs in the upper half of the list that lack of data for most types of housing. This might mean they either only have recorded pricing data for newly built flats and maisonette houses, or they were the only housing types available in those areas last year, which may be indicative of the current housing market.”
Top 20 highest median prices paid for all types of newly built houses across England and Wales in 2023
Source : One Sure Insurance
Image : Duncan_Andison / istock / 1006508302
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