Towns are revealed where home buyers can save up to £50,000 buying a property

Prospective homeowners could pocket an average saving of nearly £50,000 by opting for a home in one of the country's new towns instead of the general market, according to new analysis.

Halifax reports that your typical in a new town stands at £300,656, versus the UK average of £346,995. Over the past 30 years, the average price of a new town-located has risen by 441%, slightly lagging behind the average for the UK, where prices are up by 454%.

Topping this chart is Crawley in West Sussex, which has see a 543% rise in property prices from £63,712 in 1994 to £409,836 today. Not far behind is Craigavon in Northern Ireland, with a 524% leap from £31,189 up to £194,560. Hemel Hempstead, lauded for its "magic roundabout" and coveted commuting links to London which has witnessed a 520% climb, with increasing average house values rising from £70,502 to £436,986.

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Overall, the research suggests that those hunting for houses in new towns are likely to buy properties at prices well below those of the wider area. The most dramatic regional price disparity can be seen in Peterlee, County Durham, where homes are priced at £127,853 - that's 41% cheaper than the North East's average of £218,228.

Following suit is Peterborough in Cambridgeshire, where houses trade at 27% less on average compared with the wider East of England – a difference between £292,103 and £402,248. A major push for new towns followed the Second World War, driven by the need to rebuild and provide housing for those displaced by bombing and demolition programmes.

Halifax's study includes developments under the New Towns Act 1946 and later laws. Amanda Bryden, head of Halifax Mortgages, commented: "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.”

This research is based on data from the Halifax’s own housing statistics database. The prices used were averages for the 12 months to August in a given year.

– Here are the top 10 new towns for house price growth over the past 30 years, according to Halifax, with the average house price in 1994, the average in 2024 and the percentage increase:

1. Crawley, South East, £63,712, £409,836, 543%

2. Craigavon, Northern Ireland, £31,189, £194,560, 524%

3. Hemel Hempstead, South East, £70,502, £436,986, 520%

4. Northampton, East Midlands, £55,518, £337,421, 508%

5. Milton Keynes, South East, £69,464, £419,005, 503%

6. Corby, East Midlands, £46,465, £275,709, 493%

7. Basildon, South East, £56,024, £327,314, 484%

8. Stevenage, South East, £63,639, £364,132, 472%

9. Antrim, Northern Ireland, £39,482, £223,110, 465%

10. Peterborough, East of England, £51,838, £292,103, 463%

– And here are the top 10 new towns with the biggest discount to regional property price in 2024, according to Halifax, with the regional average house price followed by the new town average house price and the typical percentage “discount” for people buying in a new town:

1. Peterlee, North East, £218,228, £127,853, 41%

2. Peterborough, East of England, £402,248, £292,103, 27%

3. Skelmersdale, North West, £264,362, £193,095, 27%

4. Irvine, , £243,707, £178,322, 27%

5. Basildon, South East, £444,096, £327,314, 26%

6. Washington, North East, £218,228, £165,157, 24%

7. Runcorn, North West, £264,362, £203,658, 23%

8. Harlow, South East, £444,096, £345,248, 22%

9. Glenrothes, Scotland, £243,707, £194,691, 20%

10. Cumbernauld, Scotland, £243,707, £198,184, 19%

– And here are the top 10 new towns for the least expensive, first-time buyer, property price in 2024, according to Halifax, with the average price of a first-time buyer home and the typical percentage discount compared with the wider region:

1. Peterlee, North East, £108,256, 39%

2. Washington, North East, £119,625, 32%

3. Skelmersdale, North West, £146,527, 35%

4. Irvine, Scotland, £153,641, 22%

5. Cumbernauld, Scotland, £153,680, 22%

6. Glenrothes, Scotland, £167,563, 15%

7. Newton Aycliffe, North East, £167,965, 5%

8. Runcorn, North West, £172,483, 23%

9. East Kilbride, Scotland, £181,782, 8%

10. Derry/Londonderry, Northern Ireland, £183,670, 1%