Bexley badly in need of new build housing stock

November 6, 2019
what is happening to house prices

The latest research by new homes specialists, Stone Real Estate, has 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 homebuyer demand when it comes to new builds.

Stone Real Estate looked at what proportion of homes listed on the major property portals were new build 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 as a whole currently sits at 15.6%, while the number of new build homes listed for sale as a percentage of all properties is just 9.8%.

Bad news for Bexley

With just 2.5% of all stock currently listed as new builds, Bexley is home to the lowest level of new homes 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%, demonstrating a real thirst for new build homes despite the lack of delivery.

Lowest stock levels 

Other boroughs to rank with some of the lowest levels of new build stock are Redbridge (3.1%), Kensington and Chelsea (4%), Waltham Forest (4.2%) and Richmond (4.3%).

The City of London is home to the highest level of new homes with 29.9% of all stock listed for sale falling into the category. Tower Hamlets also ranks high at 23.6%, with Hackney (19.8%), Newham (15.9%) and Lambeth (14.7%) home to a good amount of new build stock.

Highest demand levels

The only borough to see a higher level of homebuyer demand for new build homes is Bromley with 40% of all new build homes already listed as sold. Sutton (30.2%), Kingston (26.9%) and Waltham Forest (26.8%) 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 homebuyer demand, with just 3.4% of all new builds listed marked as sold.

Westminster was the second-lowest at 7.7% and again, while Hackney and Tower Hamlets are home to some of the highest levels of new build stock, they also ranked low for buyer demand at 8.3% and 8.9% 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.

It really is vital that we address the current housing crisis but we do so in a sensible manner to ensure that what we are building is available to those that need it, and doesn’t spend months languishing on the portals due to an unobtainable price tag, or a lack of buyer appetite.”

New build stock levels as a percentage of all housing stock listed
Location / borough
% of NB Properties
Bexley
2.5%
Redbridge
3.1%
Kensington and Chelsea
4.0%
Waltham Forest
4.2%
Richmond upon Thames
4.3%
Havering
5.0%
Sutton
5.3%
Bromley
5.3%
Enfield
5.7%
Kingston upon Thames
5.8%
Lewisham
6.3%
Barking and Dagenham
6.6%
Haringey
7.3%
Merton
7.8%
Brent
7.9%
Harrow
8.6%
Westminster
9.1%
Hounslow
9.4%
Hillingdon
9.6%
Hammersmith and Fulham
10.0%
Greenwich
10.0%
Ealing
11.3%
Barnet
11.4%
Croydon
11.8%
Camden
12.2%
Islington
13.0%
Wandsworth
13.2%
Southwark
13.6%
Lambeth
14.7%
Newham
15.9%
Hackney
19.8%
Tower Hamlets
23.6%
City of London
29.9%
London
9.8%
New build demand levels of sold stock as a percentage of all stock listed
Location / borough
Demand
Bromley
40.0%
Bexley
34.4%
Sutton
30.2%
Kingston upon Thames
26.9%
Waltham Forest
26.8%
Havering
25.8%
Merton
23.7%
Croydon
23.6%
Hillingdon
22.6%
Redbridge
20.5%
Haringey
20.1%
Lewisham
19.8%
Ealing
17.3%
Barking and Dagenham
16.9%
Hounslow
16.7%
Brent
16.7%
Wandsworth
16.2%
Islington
15.9%
Southwark
15.7%
Richmond upon Thames
15.5%
Harrow
15.2%
Greenwich
14.7%
Barnet
13.1%
Lambeth
12.7%
Enfield
11.5%
Kensington and Chelsea
11.3%
Newham
11.0%
Hammersmith and Fulham
10.2%
Camden
9.7%
Tower Hamlets
8.9%
Hackney
8.3%
Westminster
7.7%
City of London
3.4%
London
15.6%

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Estate Agent Talk

Closing the gap on client relationships and recommendations

New research from iamproperty has highlighted the growing disconnect between what buyers and sellers want from their agent and what they experience, which could be killing recommendations from happy clients. iamproperty’s quarterly consumer survey revealed that only a third of respondents (32%)¹ would recommend their agent following their experience. With many agents relying on recommendations…
Read More →
Estate Agent Talk

Northern Ireland to expect over 25,000 new home movers

Belfast-based estate agency John Minnis has revealed that Northern Ireland is to welcome an estimated 25,000- 30,000 new arrivals from the UK and Europe over the next five years, as migration to the region reaches its highest levels in more than a decade. Recent figures show that 11,700 people relocated from other parts of the…
Read More →
Breaking News

Red tape and rising costs stifling new-build availability across the capital

The latest analysis from London estate agent, Benham and Reeves, has revealed how protracted building timelines are preventing the capital’s housebuilders from delivering the level of new-build housing stock required to meet demand, with new homes currently accounting for just 7.5% of all properties listed for sale across London. Benham and Reeves analysed the latest…
Read More →
Estate Agent Talk

UK’s new wave of ‘second cities’ offers strongest yield growth for property investors

The latest research from West One Loans has found that whilst investors may continue to favour the nation’s key cities such as London, Birmingham, and Manchester, a new wave of ‘second cities’ is delivering the strongest growth in rental yields. These emerging markets are offering investors the chance to achieve attractive returns, driven by rising…
Read More →
Estate Agent Talk

Decline in change of use further constricting housing supply

Jonathan Samuels, CEO of Octane Capital, believes that a decline in conversion projects could ultimately prevent the Government from hitting its ambitious housing delivery targets, as the firm’s latest analysis has revealed that the number of homes created through change of use has fallen sharply in the last five years. Octane Capital analysed official Government…
Read More →
Rightmove logo
Breaking News

Annual price fall driven by south, which could be harder hit by rumoured property taxes

The average price of property coming to the market for sale rises by 0.4% (+£1,517) this month to £370,257. However, average new seller asking prices are now 0.1% below this time last year following several months of muted price growth The dip in annual prices is driven by London and the south, as the south…
Read More →