Market analysis by the debt advisory specialists, Sirius Property Finance, has revealed that when it comes to the fastest expanding areas of the property market, Stratford-on-Avon sits top, with new-build completions seen over the last year increasing the size of the residential property market by 2.39%.
Sirius Property Finance analysed the number of new homes to have been brought to market across each area of England and what this influx of new housing stock means in terms of the total number of dwellings in a given area.
The research shows that over the last year (2022), 176,570 new homes were completed across England. With an estimated 24.873m dwellings found across England as of 2021, this means the residential property market increased in size by 0.7% last year.
In the East Midlands, 19,280 new homes were built, while in the East of England there were 24,590 new-build completions, both of which saw the size of the residential market in each region increase by 0.9% – the largest of all regions of England.
At local authority level it’s Stratford-on-Avon that was home to the fastest growing property market in 2022. With 1,520 new homes built last year and an estimated 63,548 existing dwellings across the region in 2021, the Stratford-on-Avon property market increased in size by 2.39% in 2022.
However, a number of other areas across England saw a similar level of growth, with Milton Keynes (+2.36%), Rushcliffe (+2.33%), Mid Suffolk (+2.27%), South Derbyshire (+2.18%), Vale of White Horse (+2.11%) and East Cambridgeshire (2.04%) also seeing their respective residential property markets increase in size by more than two percent.
Other areas to make the top 10 include East Hertfordshire (+1.95%), Tewkesbury (+1.94%) and Lichfield (+1.93%).
Head of Corporate Partnerships at Sirius Property Finance, Kimberley Gates, commented: “An increase of 0.7% may seem insignificant but given this growth comes in addition to almost 24.9m existing dwellings it’s certainly not to be sniffed at.
However, the 176,570 homes delivered last year, yet again, fall well short of previous government targets of 300,000 new homes a year.
These are homes that are desperately needed to address the housing crisis and while the government may have chosen to bury its head in the sand and scarp these targets altogether, it doesn’t reduce the need for them.”
