Home buyers could save nearly £50,000 by purchasing a property in a new town, compared with average UK house prices.
The average house price in a new town is £300,656, compared with a UK average of £346,995, Halifax said.
Over the past three decades, the average price of a new town-located property has risen by 441 per cent, slightly lagging behind the average for the whole of the UK, where prices are up by 454 per cent.
Some new towns have seen property prices increase by significantly more.
Crawley in West Sussex tops the list, with property prices surging by 543 per cent since 1994, from £63,712 to £409,836.
Craigavon in Northern Ireland was placed second, having seen the average house price increase by 524 per cent, from £31,189 to £194,560.
With its “magic roundabout” and handy commuting distance to London, Hemel Hempstead in the South East of England has experienced a 520 per cent jump in the average house price, from £70,502 to £436,986.
Home buyers will often find that properties in new towns are cheaper than the wider area, the research indicates.
The biggest percentage difference compared with the wider region was found in Peterlee, County Durham.
The average house price in Peterlee of £127,853 is 41 per cent below that of the North East of England as a whole (£218,228).
Peterborough in Cambridgeshire was placed next, with properties costing 27 per cent less on average than the East of England (£292,103 versus £402,248).
New towns have played an important role over the years in helping to provide additional, affordable housing options across the UK
A major push for new towns followed the Second World War, driven by the need to rebuild and provide housing for those displaced by bombing and demolition programmes.
Halifax’s analysis includes areas built under the New Towns Act 1946 and subsequent legislation.
Amanda Bryden, head of Halifax Mortgages, said: “New towns have played an important role over the years in helping to provide additional, affordable housing options across the UK.
“With the Government’s ambitious plan to build a new generation of new towns, our research shows that while they offer homeowners the potential to benefit from significant price growth, they also present attractive opportunities for first-time buyers.
“It’s vital that a new towns policy prioritises affordability and sustainability.
“Placing social and affordable housing options, energy-efficient buildings, green spaces, and accessible public transport at their core would give a clear signal to both investors and developers that these vibrant communities will not only address the current housing shortage, but also contribute to a more sustainable future.”
This research is based on data from the Halifax’s own housing statistics database. The prices used were averages for the 12 months to August in a given year.
