Home buyers could save nearly £50,000 on average by purchasing a property in a new town, according to analysis.
The average price in one of the towns is £300,656 compared with £346,995 across the UK.
A Halifax study found the biggest difference in comparison with other towns nearby was Peterlee, Co Durham, where the average of £127,853 is 41 per cent below that of the North East as a whole at £218,228.
Over the past three decades, rises in new towns have been smaller than average, up by 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 neighbouring hubs (Pictured: Milton Keynes)
However, some have outstripped this – with values in Crawley, West Sussex, surging by 543 per cent since 1994, from £63,712 to £409,836.
Amanda Bryden, head of Halifax Mortgages, said: ‘New towns have played an important role over the years in helping to provide affordable housing options across the UK.’