New towns have kept pace with national house price growth over the last 10 years, recording a 68% increase compared to 69% for the UK as a whole, Halifax data reveals.

However, data shows that in several new towns property prices have risen more sharply over the period with Antrim recording the strongest growth rising 118% from £102,439 to £223,110.

Derry/Londonderry follows with house prices increasing 99% from £101,689 to £202,285 while Cwmbran in Wales comes next with prices going up by 88% from £134,540 to £253,392.

The average price of a new town property has risen by 441% over the last 30 years, slightly lower than the average for the whole of the UK where prices are up by 454%.

Data found that some new towns have seen property prices increase above that average such as Crawley in the South East where they have gone up by 543% since 1994 from £63,712 to £409,836.

Craigavon in Northern Ireland saw prices increase by 524% while Hemel Hempstead in the South East saw increases of 520%.

Meanwhile, Halifax found that in all but six new towns, properties are being sold at a discount compared to the average price of the surrounding region.

Peterlee has the biggest gap, with its 2024 average house price of £127,853 being 41% below that of the North East as a whole.

Peterborough followed with properties costing 27% less than the East of England average and Skelmersdale is also 27% below the average for the North West.

Several New Towns rank well on affordability for first-time buyers (FTBs) with Peterlee leading the way with its average FTB price of £108,256, the cheapest among all new towns.

Washington in the North East ranks second with the typical FTB home costing £119,625, followed by Skelmersdale in the North West, which has an average FTB price of £146,527.

Halifax head of mortgages Amanda Bryden says: “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.”

Also commenting, NAEA Propertymark president Toby Leek adds: “One of the main drivers for a robust housing market is ensuring there is a diverse mixture of options available. With an ever-growing population, there must be consideration that certain regions are likely to need a precise provision of housing to ensure supply keeps pace with demand. Across the last 60 years, new towns have played an important role in delivering the magnitude of housing required.”

“However, with the UK Government’s first Budget only a matter of weeks away, housing will likely form an important subject for inclusion. Today’s figures show that there is strong growth potential in all corners of the UK and across the long term which is likely to remain the case. However, the sector remains keen to see full details regarding the pledge of one and a half million new homes by the end of this parliament.”