New-build homes are cheaper than the average existing property in 69 local authority areas across Great Britain, despite newly built properties costing £77,279 more on average nationally, research from UK Property Development (UKPD) reveals.

UKPD says the findings challenge the assumption that buyers always pay more for a new-build home, with the average price of a new-build property below that of existing stock in areas including Trafford, Sevenoaks and Redbridge.

Across Great Britain, the average new-build property costs £346,611, compared with £269,332 for existing properties, representing a premium of £77,279, or 28.7%.

However, the national average masks significant differences at local authority level, with some markets recording lower average prices for new-builds and others seeing premiums well above the national figure.

Across 69 local authority areas, the average price of a new-build property is below that of existing properties.

Trafford in the North West records the largest difference, with new-build homes averaging £225,065, compared with £398,594 for existing stock. This is a gap of £173,529, or 43.5%.

Sevenoaks in the South East has the next-largest discount, with new-builds costing 43.2% less than existing stock.

Redbridge in London follows, with new-build coming at a discount of 39.4%,

Other areas with particularly large differences include Three Rivers in the East of England where new-build prices are 36.1% below the existing-property average and Southend-on-Sea also in the East of England where prices are 35.7% lower.

Other locations include Bromley where prices are lower by 34.8%, Hounslow where prices are 34.6% lower, Stevenage where prices are 32.4% lower and Barnet, were it costs 30.1% less.

UKPD says these figures compare average prices across each area, rather than the prices of directly comparable properties, so they should not be taken as proof that an equivalent new-build will always cost less than an existing home.

Meanwhile, some local authority areas record new-build premiums far above the national average.

Hastings in the South East has the largest premium in the data, with new-build homes averaging £581,709, compared with £236,013 for existing properties. This represents a difference of £345,696, or 146.5%.

This is followed by Hartlepool in the North East (133.1%), Chesterfield (130.8%), Redcar and Cleveland (125.5%), East Ayrshire (113.6%), Broxbourne (110.5%), and North Ayrshire (105.1%).

UK Property Development director Andy Morrison says: “Our research shows that the price difference between new-build and existing properties varies considerably depending on where buyers are looking.”

“While new-build homes cost more on average nationally, there are 69 local authority areas where the average price is lower than that of existing stock.”

“With first-time buyers in focus following the Autumn Budget and Labour’s confirmation of its Your First Home initiative, understanding local price differences is particularly important.”