A new study has found that Westminster, London has the highest median price for newly built housing out of all local authorities in England and Wales.
Home insurance broker One Sure Insurance analysed data from the Office for National Statistics to determine which local authorities had the highest median price for newly built housing last year. The results were then ranked from the highest to the lowest prices.
Westminster, London came first in the study with the highest median new housing price of £1,809,875. This area primarily has high-rise flats for purchase and is located in the city centre with many of London’s most important buildings.
Lambeth, London ranked second with a median new housing price of £1,241,949. This borough is part of Inner London and includes landmarks like the London Eye and the Southbank Centre.
Hammersmith and Fulham, London came third with a median new housing price of £1,137,613. This borough includes the Hammersmith Apollo and is unique for having three professional football clubs.
Hackney, London ranked fourth with a median new housing price of £949,050. This area includes several Queen Elizabeth Olympic Park venues and is known for the yearly Hackney Carnival.
Hertsmere, Hertfordshire came fifth with a median new housing price of £932,500. This borough houses multiple television studios, including Elstree Studios and BBC Elstree Centre, which produce shows like Strictly Come Dancing and Eastenders.
Other local authorities in the top ten include Woking, New Forest, Broxbourne, St Albans, and Islington.
Erewash, Derbyshire had the lowest median new housing price in the study at £122,750. This largely rural borough includes towns such as Ilkeston and Long Eaton, alongside smaller villages.
A spokesperson for One Sure Insurance commented on the findings: “This study provides valuable insight into the range of prices for newly built housing within local authorities across England and Wales. While it does not show us what the highest and lowest prices are, these median price points offer a perspective on the potential average cost for new housing.
“It is notable that every borough in the top 20 positions is either based in London or somewhere in the south of England, which is likely because of how close they are to the capital or the south coast. Both locations may be desirable places to live for new homeowners due to being business and tourism hubs, respectively.
“There are also many boroughs in the upper half of the list that lack data for most types of housing. This might mean they either only have recorded pricing data for newly built flats and maisonette houses, or they were the only housing types available in those areas last year, which may be indicative of the current housing market.”
