Homebuyers could save almost £50,000 on average by purchasing a property in a new city, according to one analysis.
The average price in one of the cities is £300,656 compared to £346,995 across the UK.
A study of Halifax found the biggest difference compared to other nearby towns was Peterlee, Co Durham, where the average of £127,853 is 41 per cent lower than the North East as a whole at £218,228.
Over the past three decades, increases in new towns have been lower than average, 441 per cent rather than the UK’s 454 per cent.
Peterlee, Co Durham has average house prices 41 per cent lower than the regional average
New towns are often much more affordable than neighboring centers (pictured: Milton Keynes)
However, some have surpassed this: values in Crawley, West Sussex, have risen 543 per cent since 1994, from £63,712 to £409,836.
Amanda Bryden, director at Halifax Mortgages, said: “New towns have played an important role over the years in helping to deliver affordable housing options across the UK.”
