Thinking of buying a home but worried about sky-high prices? New towns could be the answer!

Forget London, homes in new towns are thousands of pounds cheaper – and their value is shooting up!

That’s according to new research from the Halifax, which found that you could save almost £50,000 by ditching the city for a new town.

New Homes at Knockdown Prices

The average house price in a new town is a very reasonable £300,656, compared to £346,995 across the UK. That’s a massive saving of £46,339!

And the best part? New town property prices have rocketed by 441% over the past 30 years. That’s almost as good as the UK average of 454%.

Where are the Biggest Bargains?

Some new towns have seen truly staggering price rises. Top of the list is Crawley in West Sussex, where prices have shot up by an incredible 543% since 1994, from £63,712 to £409,836.

Next up is Craigavon in Northern Ireland, with a 524% surge (£31,189 to £194,560), followed by Hemel Hempstead in the South East, which saw a 520% jump (£70,502 to £436,986).

The North is Calling!

Over the past decade, Antrim in Northern Ireland has seen the biggest price growth, with values almost doubling from £102,439 to £223,110 – a 118% increase.

Hot on its heels is Derry/Londonderry, also in Northern Ireland, where prices nearly doubled from £101,689 to £202,285 (a 99% rise).

And in third place is Cwmbran in Wales, which saw prices jump by 88% from £134,540 to £253,392.

Affordable Homes for First-Time Buyers

Peterlee in the North East is the cheapest new town for those taking their first step on the property ladder, with an average first-time buyer price of just £108,256 – that’s a huge 39% cheaper than the regional average!

Washington, also in the North East, boasts an average first-time buyer price of £119,625, which is 32% less than the regional average.

New Towns: A Bright Future

With the government planning to build 1.5 million homes over the next five years, new towns are set to play a key role in solving the housing crisis.

Amanda Bryden, head of Halifax Mortgages, said: “New Towns have played an important role over the years in helping to provide additional, affordable housing options across the UK. With the government’s ambitious plan to build a new generation of New Towns, our research shows that while they offer homeowners the potential to benefit from significant price growth, they also present attractive opportunities for first-time buyers.”