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New research for London has shown that Bexley is badly in need of more new build housing to meet demand.
The research by new homes specialists, Stone Real Estate, looked at where across London is home to the greatest proportion of new build housing stock, as well as where is home to the largest levels of buyer demand when it comes to new builds.
They looked at what proportion of homes listed on the major property portals were new build housing as a percentage of all stock listed, as well as the boroughs with highest demand based on the largest number of new build properties already listed as sold.
The research shows that demand for new build housing across London currently sits at 15.6 per cent, while the number of new build properties listed for sale as a percentage of all properties is just 9.8 per cent.
With just 2.5 per cent of all stock currently listed as new builds, Bexley is home to the lowest level of new build housing in the capital. However, when it comes to the small amount of new build stock that is available, buyer demand is currently the second highest in London at 34.4 per cent, demonstrating a real thirst for new build property despite the lack of delivery.
Other boroughs to rank with some of the lowest levels of new build housing are Redbridge (3.1 per cent), Kensington and Chelsea (4 per cent), Waltham Forest (4.2 per cent) and Richmond (4.3 per cent).
The City of London is home to the highest level of new property with 29.9 per cent of all stock listed for sale falling into the category. Tower Hamlets also ranks high at 23.6 per cent, with Hackney (19.8 per cent), Newham (15.9 per cent) and Lambeth (14.7 per cent) home to a good amount of new build housing.
The only borough to see a higher level of buyer demand for new build housing than Bexley is the neighbouring borough of Bromley with 40 per cent of all new build properties already listed as sold. Sutton (30.2 per cent), Kingston (26.9 per cent) and Waltham Forest (26.8 per cent) were also home to a large appetite for new builds.
While the City of London is home to the largest proportion of new build stock, it’s also home to the lowest level of new build buyer demand, with just 3.4 per cent of all new builds listed marked as sold.
Westminster was the second lowest at 7.7 per cent and again, while Hackney and Tower Hamlets are home to some of the highest levels of new build housing, they also ranked low for buyer demand at 8.3 per cent and 8.9 per cent respectively.
Founder and CEO of Stone Real Estate, Michael Stone, commented: ‘There’s no denying that we are in desperate need of more housing across the capital and a large proportion of that needs to be affordable, a factor that can often be overlooked when trying to balance the books.
‘While house building is a complex task and certainly can’t be done overnight, the data does suggest that perhaps some of our new build efforts across the capital have been poorly targeted and in fact, some of the areas with the lowest level of new homes are the areas where buyers are crying out for them.’