The North West of England has become the top hotspot in England and Wales for off-plan flat sales, according to analysis.
Across the North West as a whole, nearly two-thirds (63%) of new flats were sold off-plan last year, property firm Hamptons said.
It is the first time since 2007 that any region has seen more flats sold off-plan than London.
The capital was also beaten by the North West in that year.
With parts of the North West having seen strong growth in property values in recent years, investors have been keen to lock in sales, the property firm added.
Four in five (80%) new flats in Salford were sold before they were built last year, according to Hamptons’ modelling, the highest share in any local authority it looked at.
Salford boasts an array of attractions for home movers, with its green spaces and waterways, access to the arts and theatre with venues such as The Lowry, and employment opportunities, with developments such as the MediaCityUK creative hub.
David Fell, lead analyst at Hamptons, said: “The expectation that prices will be higher tomorrow remains one of the biggest drivers of off-plan sales for both investors and owner-occupiers.”
Meanwhile, in London, where house price growth has been relatively sluggish, just over half (55%) of flats were sold before they were built, according to Hamptons’ estimates, down from 59% in 2023.
Hamptons’ index combines its own new home sales data with Land Registry sales figures to model the share of homes sold before they were built (off-plan) across England and Wales.
The property firm’s internal data stems from around 550 estate agency branches across England and Wales that form part of the Connells Group, Hamptons’ parent company.
Here are the proportions of new flats in each region or nation that were estimated to have been sold off-plan last year, according to Hamptons:
London, 55%
South East, 38%
South West, 43%
East of England, 54%
East Midlands, 50%
West Midlands, 46%
North East, 36%
North West, 63%
Yorkshire and the Humber, 43%
Wales, 50%
England and Wales, 50%
And here are off-plan hotspots, according to Hamptons, with the percentage of new flats estimated to have been sold before they were built last year (only local authorities with at least 100 flat sales were included):
1. Salford, 80%
=2. Liverpool, 75%
=2. Broxbourne (Hertfordshire), 75%
4. Bradford, 65%
=5. Selby (North Yorkshire), 64%
=5. Derby, 64%
=5. Bournemouth, Christchurch and Poole, 64%
8. Doncaster, 60%
9. Rochdale, 58%
10. London, 55%
11. Gateshead (Tyne and Wear), 53%
