The nation’s housebuilders have helped boost the housing market to the tune of £75.2m ($100.6m) in the last year.
According to the latest research by the property developer, StripeHomes, the latest figures show that 243,770 net additional dwellings were delivered in 2019-20; A 0.8% increase on the previous year.
The average new build is priced in at £304,561.
StripeHomes analysed the latest figures on the delivery of net additional new dwellings across England and what this equates to, based on the current cost of a new build home.
Not only has there been an increase in the volume of homes delivered, but the total value of homes delivered is also a 1.4% increase on the previous year.
Despite a tough year, London has seen the greatest boost to the market thanks to its housebuilders. A total of 41,718 new homes have been delivered in the capital pumping a notable £20.3bn into the London property market.
The South East has also seen a big boost thanks to the new build sector, with £15.4bn worth of property being delivered in the last year.
The East of England has seen nearly £10bn added to the regional property market in the last year, while the South West and North West have also seen over £7bn worth of new homes delivered.
Even though the North East ranks bottom, the region has still seen a respectable £1.8bn in new homes delivered to the property market over the last year alone.
The North East remains a strong favourite amongst property investors due to the lower cost of property and the high demand currently being drawn to the area.
Managing director of StripeHomes, James Forrester, said: “It’s been a tough year for housebuilders and like everyone, we’ve had to adjust and adapt to a challenging landscape. As a result, many are already reporting quarterly profit losses and this is to be expected given the current pandemic.
“However, it’s great to see that despite this, we’ve soldiered on and continued to deliver new housing to a market that is crying out for it,” Forrester continued.
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