New research has revealed that the UK saw 209,710 new-build completions between 2022-2023, an increase of 3% compared to the previous year.
The study, conducted by architectural visualisation experts at Modunite, investigated ONS data on the number of new build completions from 2021-2022 and 2022-2023, to find which local authority has seen the biggest increase in new build completions year-on-year.
With the Labour government vowing to build more homes, will we see a significant shift over the next 12 months?
The results:
| Average house price | Number of new build completions | ||||||
|---|---|---|---|---|---|---|---|
| Region | Local Authority | Average house price 2022 | Average house price 2023 | % decrease in house prices | 2021-2022 | 2022-2023 | % increase 2022-2023 |
| London | Richmond upon Thames | £764,021 | £755,901 | 1.10% | 20 | 410 | 1,950% |
| East of England | Three Rivers | £568,331 | £582,390 | -2.40% | 70 | 360 | 414% |
| London | Kensington and Chelsea | £1,345,057 | £1,515,021 | -11.20% | 40 | 180 | 350% |
| East of England | Southend-on-Sea | £332,582 | £331,270 | 0.40% | 50 | 220 | 340% |
| London | Westminster | £996,153 | £981,860 | 1.50% | 220 | 960 | 336% |
| London | Sutton | £433,241 | £431,847 | 0.30% | 120 | 470 | 292% |
| London | Islington | £696,363 | £709,274 | -1.80% | 80 | 280 | 250% |
| East of England | Welwyn Hatfield | £431,214 | £429,865 | 0.30% | 170 | 500 | 194% |
| East of England | Broxbourne | £396,082 | £398,580 | -0.60% | 180 | 520 | 189% |
| London | Hounslow | £452,371 | £442,572 | 2.20% | 490 | 1390 | 184% |
Modunite can reveal that Richmond upon Thames has seen the largest increase in new build completions, at a staggering 1,950% increase from 2021-2022 compared with 2022-2023. Between 2021 and 2022 just 20 new builds were completed, in comparison to 410 in the following year. The average house price in Richmond upon Thames has also decreased by 1.10%, with Gov.uk data revealing that the average house in Richmond upon Thames was £755,901 in 2023.
Three Rivers in the East of England ranks second, with a 414% increase in new build completions between 2021-2022 and 2022-2023. A total of 360 new homes were completed between 2022-2023, just 12% fewer than in Richmond upon Thames. The average house price in Three Rivers has also increased by 2.40%, with the average in 2023 standing at £582,390.
Kensington and Chelsea has seen the biggest increase in house prices
Kensington and Chelsea rank third, with a 350% increase in new build completions. Despite this influx, the average house price in Kensington and Chelsea has increased by a staggering 11.20% – by a whopping £169,964 on average.
Wiltshire saw the highest volume of new build completions
Modunite can reveal that Wiltshire saw the largest volume of new build completions in 2022-2023, with 2,510 completed in this time frame. However, this was just a 1% increase from the year before, where they completed 2,490.
Milton Keynes ranks second in terms of volume, with 2,480 completed between 2022-2023, up 6% from the previous year. House prices in Milton Keynes also saw a 5.30% decrease down to £305,772 in 2023,compared with £322,121 in 2022.
Michael Puddy, Managing Director at Modunite said: “The data suggests that areas in London and the East of England generally saw higher percentage increases in new build completions compared to regions like the North West and South West.
“However, the South West showed consistent, albeit smaller, increases in both completions and house prices, indicating a more stable growth pattern.
“Regions like the East of England are seeing significant growth in new builds but with mixed impacts on house prices, suggesting that while supply is increasing, demand dynamics are influencing price stability differently across local markets.
“This relationship between supply and demand across various regions provides key insights for stakeholders, including developers, investors, and policymakers, to tailor strategies that address local housing needs and market conditions effectively.”
