New builds outside the city is cheaper

Research by property developer Stripe Property Group, has revealed which cities are home to the biggest saving for new-build home buyers when it comes to buying within the commuter belt rather than the city centre.

The research shows that on average, a city centre new build will set you back £256,124 in the current market.

In contrast, purchasing within a local authority in the surrounding commuter belt will set you back an average of £253,072– a saving of £3,053.

The biggest new build commuter belt saving is found outside of Edinburgh.

Purchasing a new home in the city centre will currently cost you £326,703, while looking to Edinburgh’s surrounding areas sees this price drop to an average of £244,817.

New-build buyers in London can save -11.6 per cent by looking to the commuter belt, with the average new build costing £62,470 less – the second largest monetary saving of all cities.

Managing director of Stripe Property Group, James Forrester, said: “New homes are popular among many buyers who value the benefits they bring above and beyond the regular market, such as help climbing the ladder via buying schemes such as Help to Buy, the lower running costs and the modern amenities they boast.

With the advantages they bring to first-time buyers in particular, it’s imperative that the Government remains focused on the delivery of new housing, whether it be via the regeneration of existing city centres, or by delivering new developments across the commuter belt and beyond.

Of course, they understandably come with a price premium attached and so many buyers may have to look further afield in order to climb the new build property ladder.

Looking outside of a major city to the surrounding commuter belt is one way to often reduce the cost of buying but, as our research shows, it won’t always mean a more affordable home.”

 Picture: Pixabay