This info from Confused.com is handy for those on the home insurance market, as it compares the level of new build vs older properties in various pastcodes. Of course the percentage of new builds by area does not mean those are low crime cities or areas, it isn’t that simple. Often, new builds contain a high percentage of social or affordable houses – the minimum is 11% and most developers are obliged by Councils to offer 30-35% to swing planning permission and overcome local peoples’ objections.
New builds often have open plan layouts, where driveways are unfenced and ungated, offering car thieves ample opportunity to scope out target vehicles without any obstacles. On the upside new build owners – not renters – are more likely to have Ring doorbells, security lights and more property security devices like alarms, than say owners of older houses. As ever, raw data never tells the whole story.
Here’s the word;
As 150,000 new build construction starts have been predicted for 2024, experts reveal that newer properties cost less to insure and reveal which areas are home to the newest homes. Usually, newly built homes are built with the latest cutting-edge technology, resulting in reduced running costs and enhanced security features such as reliable and secure locks, doors & windows. Consequently, homeowners may receive lower home insurance premiums due to the decreased risk of break-ins.
To help homeowners understand the needs of their properties, the experts at Confused.com home insurance have looked at the age of homes across England and Wales.
The regions in England & Wales with the newest homes:
|
Most newer buildings |
|||
|
Rank |
Local authority |
Properties built on and after 2000 |
Properties built after 2000 (%) |
|
1 |
Tower Hamlets |
63,670 |
44.2% |
|
2 |
South Derbyshire |
15,280 |
31.6% |
|
3 |
Milton Keynes |
36,300 |
29.9% |
|
4 |
Harborough |
12,620 |
29.4% |
|
5 |
East Cambridgeshire |
10,950 |
27.7% |
|
6 |
Uttlesford |
10,710 |
27.5% |
|
7 |
South Norfolk |
17,830 |
27.5% |
|
8 |
South Cambridgeshire |
19,440 |
27.4% |
|
9 |
North Kesteven |
14,530 |
27.2% |
|
10 |
Salford |
35,220 |
27.1% |
1. Tower Hamlets – 44% of properties built after 2000
Tower Hamlets has the highest percentage of 21st-century properties. With over 63,000 properties built since 2000 in the London borough, 44% of the authority’s total housing stock was built in the latest century.
2. South Derbyshire – 32% of properties built after 2000
Since 2000, 15,280 new properties have been built in South Derbyshire. These buildings make up almost a third of South Derbyshire’s total property stock, at 23% of all buildings. Government figures estimate that over the last decade, there have been more new builds in South Derbyshire as a percentage of total housing stock than anywhere else in the UK – at 17%.
3. Milton Keynes – 30% of properties built after 2000
Milton Keynes has the third-highest percentage of properties built after 2000. In the 21st century, 36,300 properties were constructed in Milton Keynes, making up 30% of all buildings in the authority. The historic town of Newport Pagnell, located in Milton Keynes, is set to see almost 6,000 new homes built around it in the next few years. This will add an estimated 5% increase to the authority’s total housing stock.
Further study insights:
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South Derbyshire has the highest percentage of homes built on or after 2000 outside of London, at 31.6% of the total housing stock.
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Kensington and Chelsea has the highest percentage of pre-1900 homes in England, at 63.8% of the entire housing inventory.
Matthew Harwood, Confused.com home insurance expert, reveals all you should know when taking out home insurance on an older property:
“Older properties often have higher insurance premiums than newer properties. This is because, in general, data shows that older properties are more at risk of issues such as damp and hazards. They’re often more expensive to rebuild or repair due to their unique materials too. Buildings insurance covers rebuilding or repairing your home if it’s damaged, so if this is more expensive to do, you can expect to pay a higher premium.
“It’s wise to ensure proper coverage on your home or property. When taking out a home insurance policy, you should declare any issues related to the age of your home and provide accurate rebuild estimates. Providing inaccurate or misleading information can invalidate your insurance and mean you’re unable to afford to rebuild your home if it is seriously damaged. It’s a good idea to shop around and find the best deal for you and your home so you have the right coverage at an affordable level.”
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