EasyMoney names North Yorkshire as property hotspot
North Yorkshire is the country’s residential property investment hotspot, according to peer-to-peer platform easyMoney.
New analysis by the property lender found that North Yorkshire was home to the highest number of new builds in 2022, with 2,310 new properties under construction last year.
Greenwich ranked second with 2,260 new-build starts in the last year, while North Northamptonshire saw 2,140 properties under construction and Central Bedfordshire reported 2,080.
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Across England, construction began on 177,200 new homes in 2022, with the South East seeing the largest degree of activity with 31,680 new-build homes started.
The East of England reported 24,660 new properties under construction last year, while the East Midlands saw 21,580 new homes. There were 20,870 new homes begun in the South West last year, and 20,480 in London.
EasyMoney found that Ipswich, Portsmouth and Sutton saw the lowest level of new-build market activity over the last year with just 20 new homes started in each area.
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“Despite a tougher economic landscape, higher interest rates and a slower rate of house price growth, property remains a very strong investment and while the pace of the residential market may have slowed, we’re yet to see any significant signs that a downturn is on the horizon, let alone imminent,” said Jason Ferrando, chief executive of easyMoney.
“This resilient market sentiment is echoed across the residential new-build sector, with developers continuing to push forward, starting construction on a substantial level of new homes in the last year.
“However, it’s not just the volume of new homes coming to market that demonstrates the strength of the market, but also the diversity of areas benefiting from this residential investment.”
Ferrando added that the pace of construction up and down the nation “bodes very well for the year ahead for the market at a topline level and while we may not see the meteoric market conditions of the pandemic return, the current outlook is far from negative.”
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