Why is there a trend towards buying a new build property?
Recent figures show that interest in newly built properties has bounced back to a higher level than before coronavirus struck.
Demand for new build homes has soared by 66% since the property market reopened, exceeding levels seen before lockdown in March.
The upsurge since May 13th continues the trend recorded at the start of 2020, when the new build market saw its strongest start to the year since 2016. The recovery in the new build sector significantly outweighs the revival in the second hand homes market, which is also showing an incredible bounce back with demand up by 46% since before lockdown.
The surge in demand for new build properties has been particularly strong among first time buyers, who are often described as the lifeblood of the housing market, so its great news for the new build sector that demand is so strong among this group.
So why is this happening?
- Developers are used to selling homes when physical viewings are not possible
- Buyers can take advantage of the Help to Buy scheme, which is only available on newly built homes
- With many lenders removing 90% and 95% loan-to-value (LTV) products in the face of the pandemic, more first time buyers are likely to be turning to the Help to Buy scheme in a bid to get on the property ladder. The initiative tops up a 5% deposit with a five year interest free loan worth 20% of the property’s value
- Shared ownership properties are also available on most new build developments
- Low repair and maintenance costs
- Higher specification and choice of fixtures and fittings
- More environmentally friendly with lower heating bills
- Safety and security
- Ease of purchase
At Sandersons UK we have an established Land & New Homes team who work closely with a variety of developers across Kent. To see our full list of new build homes available please click here
Click here or on the image below for more information on the help to buy scheme
