Demand for new-build properties fell both quarterly and annually in Q3, according to analysis by Property Inspect of Rightmove listings.

The research found that just 17.7% of new-build listings across Britain were marked as “sold subject to contract” (SSTC) in Q3, down 0.5% on the previous quarter and 1.1% year on year.

Demand was weakest in Newcastle, where only 4.5% of new homes were under offer.

Liverpool was a close second at 4.8%, followed by Aberdeen at 6%, Swansea at 6.4% and Leeds at 9.3%.

Despite the overall slowdown, some cities bucked the trend.

Southampton saw 40.3% of new-build homes already under offer, followed by Sheffield at 33.1%, Bournemouth at 22.6%, Bristol at 21.8% and Portsmouth at 21.7%.

Sheffield also saw the biggest quarterly improvement, with demand up 12.5%.

In Bournemouth it rose by 7.7%, Plymouth by 6.1%, Swansea by 5.3% and Southampton by 5%.

Property Inspect operations director Sián Hemming-Metcalfe says: “Buyer demand for new-build homes has undoubtedly cooled in recent months, with fewer than one in five finding a buyer.

“Rising borrowing costs, affordability pressures and the uncertainty surrounding government housing policy ahead of the Autumn Statement have all combined to make purchasers more cautious.

“With new-builds commanding a strong premium versus regular housing stock, it stands to reason that the new homes sector will be more vulnerable to these market influences.

“However, the picture isn’t entirely negative.

“Cities such as Sheffield and Southampton demonstrate that appetite for quality new-build stock remains strong when the right product is delivered.”