The market share of new-build transactions fell from 10% in 2020 and 13% in 2019, according to research by the new-build sales optimisation platform Unlatch.
The market share of new-build transactions fell to 2% in 2021, from 10% in 2020 and 13% in 2019, according to research by the new-build sales optimisation platform Unlatch.
Wales saw the lowest level of new-build transactions during 2021, with the sector accounting for just 1% of all market activity, down from 8%.
New-build transactions accounted for just 2% of all property sales across the West Midlands, East of England, Yorkshire and the Humber, South West, North East, North West and South East over the last year.
In the East Midlands and London, 3% of all transactions came via the new-build market, down respectively from 14% and 15% prior to the pandemic.
Lee Martin, head of UK for Unlatch, said: “The new-build market was gaining a great deal of traction prior to the pandemic and the proportion of total transactions coming via the sector was showing steady growth on an annual basis.
"However, since the outbreak of COVID-19, this proportion of market activity has declined significantly and new-build homes now account for by far the lowest proportion of total market activity in the last five years.
"What we’re currently seeing is the knock-on effect of initial COVID restrictions that stifled housebuilder abilities to actually construct new homes, as well as further hesitations around bringing this stock to market amid fears of declining property values.
"The silver lining to this decline is that it has been very much driven by the pandemic and with these restrictions now lifted and these fears put to bed following a property market boom, the expectation is a reversal in fortunes over the coming year and beyond.”