That’s according to new data from Easy Money, which gauges new-build demand by tracking the percentage of new-build properties listed for sale that have already gone under offer or sold subject to contract.
It found that around a fifth of all new-build homes listed for sale have already found a buyer, up marginally from the first quarter of the year. However, this is down by 14 per cent from the same period last year.
Southampton has the highest level of demand among new-build buyers, with 45 per cent of properties on the market already securing a buyer. This is followed by Bristol at 44 per cent and Bournemouth with 42 per cent.
Bristol saw the biggest jump in demand from buyers, rising by 15 per cent from the first quarter. Demand rose seven per cent in Southampton and four per cent in Leicester. At the other end of the scale, demand in Birmingham for new-build homes fell by six per cent, the largest drop of any area.
Over an annual basis, Leicester is the only major city to have seen an increase in demand, up by six per cent. The largest annual fall was in Cardiff, where demand dropped 24 per cent over the year.
Jason Ferrando, CEO of Easy Money, said that the “uncertain market conditions” since the end of last year had impacted demand for new-build properties.
He continued: “However, 2023 has certainly started with an air of optimism and we’re now seeing this start to filter through, with demand picking up ever so slightly in the second quarter of this year when compared to Q1.
“It will be interesting to see if this positive movement is maintained during what is traditionally the busiest time of year for the market given that the economic landscape remains a turbulent one, at best.”
