There has been impressive market growth in major cities such as London, Manchester and Edinburgh over the past decade, according to latest market analysis by Unlatch.
To understand the scale and nature of housing market expansion in UK cities, Unlatch has analysed the changing size of total dwelling stock across 12 major urban areas, as well as focussing specifically on new-build housing delivery.
According to their research, Edinburgh was the city to experience the largest expansion of total dwelling stock, with its total housing market expanding by 10.7% (equivalent to 24,490 additional properties).
London’s portfolio has also expanded rapidly, increasing by 9.3%. However, when it comes to sheer volume, London sits top of the table by far, with a 9.3% increase equating to 312,699 additional dwellings.
Lee Martin, head of UK for Unlatch said: “London certainly sits top of the table when it comes to the sheer volume of additional homes created over the last decade.
“However, when it comes to the rate of growth being seen across the housing markets in our major cities, Edinburgh, Newcastle and Manchester have actually seen a higher rate of expansion.
“This certainly echoes what we’ve been seeing within the new-build sector in recent years, with housebuilders looking outside of the M25 due to the great opportunities available in other regional powerhouses.”
This can be seen as Newcastle’s dwelling stock has expanded by 10.3% after introducing 12,564 new homes to the market and Manchester has expanded by 10.1% with the creation of 21,495 homes bringing the city’s total dwelling stock to just over 235,000.
One surprising aspect of the findings is that Birmingham, the centre of such intense economic focus and regeneration over the past few years, has only seen its housing stock expand by 5.9% with an additional 25,179 homes bringing the current total to 448,812.
Martin added: “The likes of Newcastle and particularly Manchester […] have seen a vast amount of investment, which has spurred interest from homebuyers in need of high-quality homes.
“We expect these cities to continue to prosper and while they may not reach the same dizzying heights as the London market, they will certainly remain an attractive proposition for those looking to invest, live and work outside of the nation’s capital.”
