The New Build Premium in Plymouth
Why Plymouth Brand-New Homes Cost More
If you have ever wondered why a brand-new home often costs more than an older one, you’re not alone. This extra cost is called the “new build premium”. Think of it like buying a car, a brand new one commands a higher price because it’s unused, comes with the latest features, and offers peace of mind.
With homes, the reasons go beyond just the fact they’re untouched. New builds are designed to be more energy efficient, often come with modern layouts, contemporary kitchens and bathrooms, and require little to no immediate maintenance. For many buyers, this convenience and efficiency justify paying more.
However, the size of the premium varies across the country. Below are the regional figures showing the average £ per square foot for both existing homes and new builds, along with the percentage difference:
· East Midlands – Existing: £249 & New: £287. +15.3%
· East Anglia – Existing: £381 & New: £491. +28.9%
· London – Existing: £629 & New: £736. +17%
· North East – Existing: £169 & New: £208. +23.1%
· North West – Existing: £228 & New: £282. +23.7%
· Northern Ireland – Existing: £154 & New: £183. +18.3%
· Scotland – Existing: £197 & New: £286. +45.2% (an anomaly due to lower numbers of new builds and higher-priced property types being developed)
· South East – Existing: £429 & New: £479. +11.6%
· South West – Existing: £339 & New: £387. +14.1%
· Wales – Existing: £219 & New: £264. +20.5%
· West Midlands – Existing: £268 & New: £298. +11.2%
· Yorkshire & Humber – Existing: £222 & New: £281. +26.6%
In Plymouth, the pattern broadly follows the regional trend new homes typically cost more. But the decision to pay extra is always personal. Some buyers value the charm, space, and character of older homes, while others prefer the energy efficiency, warranties, and low maintenance of a new build.
When choosing, it really comes down to priorities. Do you want modern convenience, or do you prefer a home with history and individuality (or something in between)?
The “right” choice is the one that fits your needs, your budget, and your lifestyle.
To learn more about Smeaton Homes, please visit our website here