New data from Stone Real Estate has revealed which boroughs currently offer the “best” new build availability.
The firm analysed property listings across all of the major portals to find which areas of the capital had the largest proportion of new build stock available as a percentage of all stock listed, as well as which boroughs have seen the largest increase in new build stock since the previous quarter.
Across London, just 11% of all properties listed for sale are new build homes. The firm said it is the result of slower market conditions in recent months and added that the “continued struggle” for space to build has caused some housebuilders to “sit tight” when it comes to delivering stock to the market.
As it stands, the City of London is home to the largest proportion of new build stock currently for sale with 28% of all properties listed falling into the category. Hackney also ranks high with 23% of all homes for sale being new builds, along with Tower Hamlets.
Some 15% or more of all homes listed for sale in Newham (19%), Lambeth (17%) and Croydon (15%) are new builds, while Islington, Wandsworth, Southwark and Ealing are all home to a new build percentage of 14% of all homes for sale.
Redbridge, Bexley and Kensington and Chelsea offer the “worst opportunity”, with new builds making up just 5% of homes for sale.
Founder and CEO of Stone Real Estate, Michael Stone, said: “The delivery of London’s new build housing stock is largely focused on desirable areas that are considered up and coming and there are plenty of pockets in Hackney, Newham and other more centralised boroughs that provide a perfect opportunity for housebuilders to take advantage of this ongoing change.
“While these areas have also seen some of the largest increases in the level of new build stock available as well, it’s great to see other locations climbing the ranks such as Kingston, Harrow, Haringey and Barking and Dagenham.”
He added: “This demonstrates the ever evolving landscape of the London property market and the need for new homes across the board, as we continue to build from the inside out to satisfy the consistent demand for housing.”