New-build homes growing in popularity
10 August 2021 by Terry Hudson
What’s behind the trend towards newly built properties?
NEW HOMES AND APARTMENTS offer many benefits for owner-occupiers and investors alike. Not only do you benefit from a chain-free purchase but new-build properties are often more energy-efficient, built to modern standards, and require a low level of maintenance once you move in. According to a recent report, nearly 40% of all newly built homes this year are already under offer or sold (subject to contract). Compared to the same time last year, this is an increase of 9%. Demand for new-build properties seems to be highest in the south of England, particularly in coastal towns such as Bournemouth and Plymouth.
Newly built properties typically have fewer problems within the first few years of buying one, and if problems do occur, there’s a good chance they will be covered by a ten-year guarantee. So, it’s no surprise that many buyers prefer this option to buy an older home, which comes with more risks and unknowns. Perhaps the biggest benefit of buying a newly built property is that they are far more energy-efficient, which also means they’re cheaper to run.
Sustainability is increasingly important to buyers, which is one factor in the rising demand for new-build homes.
NEW HOMES DEMAND
Housebuilding will need to increase to keep up with this high demand for new homes. The government has set a target to reach 300,000 new properties per year in the next five years.
To learn more about trends and information related to homes and new builds see pages 72 & 73 of The Mortgage & Property Magazine.
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