Are you dreaming of a shiny new house? Well, buckle up, because you might be shocked at how much it costs! A brand new study has revealed the areas with the most expensive new homes in England and Wales, and it’s bad news for your bank balance!

Where are the Most Expensive New Homes?

The study, by home insurance broker One Sure Insurance, looked at the median prices for newly built homes in every local authority.

And guess what? London totally dominates the top spots!

Here are the top five most expensive places:

• Westminster, London: A whopping £1,809,875! This central London area is home to some of the most iconic buildings, so it’s no surprise that prices are sky-high.
• Lambeth, London: £1,241,949. This borough is home to the London Eye and Southbank Centre – popular tourist spots.
• Hammersmith and Fulham, London: £1,137,613. This part of London has the Hammersmith Apollo and three football clubs.
• Hackney, London: £949,050. This inner London area includes the Queen Elizabeth Olympic Park.
• Hertsmere, Hertfordshire: £932,500. This place is known for its TV studios, where they film shows like Strictly Come Dancing and Eastenders.

So, if you’re looking for a new home in these areas, be prepared to pay a pretty penny.

Where Are the Most Affordable New Homes?

On the other end of the spectrum, Erewash in Derbyshire has the cheapest new homes, with a median price of just £122,750! This area is mainly rural, with towns like Ilkeston and Long Eaton.

The Pricey South

The study found that most of the top 20 most expensive places are in London or the south of England. This is likely because of their proximity to the capital, which is a major business hub, and the south coast, which is a tourist hotspot.

Data Issues

The study also highlighted some potential problems with the data: there was a lack of information for some areas, which means it’s hard to get a complete picture of the housing market.