The cost-gap between a new build home and an existing property is larger in Harlow than anywhere else in the UK.

The average new build in the town costs £548,535, 104 per cent more than the average price for an existing property in the area.

Research by property developer StripeHomes has revealed the average new-build in the UK costs £302,749, 33 per cent more than the existing UK house price.

Regionally, new-build price premium is highest in the North East 60 per cent while London is home to the smallest gap at 10 per cent.

However, Harlow takes the top spot for the largest new-build price premium.

In the last year, the cost of an average UK new build has increased by 7.3 per cent compared to just 1.5 per cent for existing homes.

At this rate of growth, it would take just 3.4 years for a new build homebuyer to recoup the additional cost of buying new through the appreciation of their property’s value.

James Forrester, Stripe Homes managing director, said: “Opting to purchase anything brand new is going to cost you more but when it comes to new-build homes, the premium is often justified and well worth the additional cost.

“Buying a new-build comes with a whole host of benefits, not just an easier, chain-free sales process with the ability to move straight in. There are a host of incentives available such as paid for stamp duty and help for first time buyers, as well as the fact that new-build homes are often better quality, more energy efficient and require little to no maintenance for a good number of years.

He added: “However, the real benefit of a new-build is the appreciation of its value. Despite the tough market conditions seen pretty much since the Brexit vote itself, new-build values have continued to go from strength to strength, far outperforming growth seen in the existing sector.

“So not only will you purchase a far superior property, but even in areas with the highest new-build premium, it will only take a matter of years before you’re likely to recoup the additional price paid in house price growth.”