Property prices in new towns kept pace with national growth over the past decade, growing by over 68% versus the national average of 69%, data from Halifax has revealed.
Halifax analysed new town house price trends over the past three decades to understand how these locations have performed compared to the wider market.
The idea of planned towns dates back to the early 20th century with the garden city movement.
The major push for new towns came after World War II, driven by the need to rebuild and provide housing for those displaced by bombings and demolition programmes.
More than two million people now live in towns built as a result of the 1946 New Towns Act.
Over 10 years, new towns have kept pace with national house price growth, recording a 68% increase compared to 69% for the UK as a whole.
However, in several new towns, property prices have risen much more sharply over this period, with the top end of the list dominated by locations in Northern Ireland.
Antrim recorded the strongest growth in house prices of any new town over the past decade, rising 118% from £102,439 to £223,110.
Derry/Londonderry followed, with house prices nearly doubling since 2014, up 99%, from £101,689 to £202,285.
Cwmbran in Wales came in next, with property prices increasing by 88%, from £134,540 to £253,392.
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.
“It’s vital that a new towns policy prioritises affordability and sustainability.
“Placing social and affordable housing options, energy-efficient buildings, green spaces, and accessible public transport at their core would give a clear signal to both investors and developers that these vibrant communities will not only address the current housing shortage, but also contribute to a more sustainable future.”
