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New Homes Week: Nine Reasons to Buy a New Build Home

Posted 17 May 2018 by Keith Osborne

Stewart Baseley of the Home Builders Federation on the new homes market and why house-hunters should buy new build...

We speak to Stewart Baseley, executive chairman of the Home Builders Federation (HBF), on his thoughts about today's new homes market and the reasons that house-hunters should seriously consider a new build home as their very best choice...

The affordability of the government’s Help to Buy scheme combined with the energy efficiency and cheaper running costs of new build homes are leading to more and more first-time buyers taking the new build route into homeownership.

The divergence over the past two decades between house prices and incomes, coupled with tighter lending to first-time buyers, has seen fewer young people get on the housing ladder.

But a new generation of first-time buyers are seeing new build homes, for which the Help to Buy scheme is widely available, as the answer to their housing affordability problem. The scheme allows purchasers to buy with just a 5% deposit, but can also mean dramatic reductions in their monthly outgoings.

Around 160,000 new homes have now been purchased using the scheme, 81% whom are first-time buyers, paying on average £235k for their home (non-London based buyers). This deposit of under £12,000 for a brand new home compares favourably with the average first-time buyer needing to find a 16% deposit.

The scheme, whereby the government funds a 20% equity stake, reduces a buyers monthly mortgage payments by around £350 for someone buying the average priced new home through the scheme. In addition, research shows that new build homes are much more energy efficient to run than second-hand homes, saving buyers on average an additional £53 a month. Taken together these savings amount to almost £5,000 over the course of a year.

And the savings don’t end there! With the average second-hand buyer estimated to spend up to £45,000 upgrading their property, new homes, with their brand new bathrooms, kitchens and fixtures and fittings throughout, provide their buyers with considerable savings to their short- and long-term budgets.

With the need for housing at unprecedented levels, home builders are investing massively in the quality of their new homes.

86% of new home buyers would recommend their builder to a friend whilst over 90% would buy a new build again, levels of customer satisfaction that match any produce or sector.

New home buyers appreciate that commitment, and here are their top reasons for choosing to buy new:

Brand new means a perfectly fresh new start

Everything in a new home is pristine – clean, untouched by previous owners and just waiting to become your home. Maybe it will be the place where you raise a family, dream your dreams and experience the unfolding of daily life, or just your own private space away from work and the rest of the world. Whichever, most new homes are a blank canvas on which you can stamp your own style and personality from day one.

Higher specification

New homes are built to a much higher specification than many older properties. The amount of ‘as standard’ features included in new build homes has also greatly increased. Today, many new developments have fitted kitchens with cooker and hob, fridge/freezer, washing machine and dishwasher plus many have a fitted en-suite bathroom or shower room. Designed to comply with the very latest building regulations set by the Government, new homes are also kitted out with the latest heating systems, excellent wall and loft insulation, double glazed windows and doors.

And with new kitchens, bathrooms, fixtures and fittings throughout, new homes save the tens of thousands of pounds spent by second buyers upgrading their new house.

New homes are greener homes

New homes are built to the latest environmental standards so they are not only better for the environment than the vast majority of second-hand homes - they are much cheaper to run. New homes are six times more energy efficient and generate over 60 per cent less CO2 emissions than older-style homes, which is the equivalent of driving 10,000 miles less a year per household. New home buyers are doing their bit for the environment as well as for themselves and their families. This improved energy efficiency can reduce utility bills by hundreds of pounds a year.

Less chain, less stress, less hassle!

Buying a new home means you can move in as soon as it is complete. There is no need to wait for existing owners to move on. This reduces the housebuying ‘chain’ – and the stress and uncertainty that is more often associated with buying a second-hand property.

Spoilt for choice

New homes come in all shapes and sizes, from small studio flats to grand five-bedroom houses and there are countless designs and styles to choose from – something for everyone. Subject to the stage of construction, some builders offer a bespoke service to customers enabling them to choose fixtures and fittings, or a higher specification from the builder’s range at an additional cost. In some cases this will include flooring, soft furnishings, interior design or even a garden landscaping service.

Built to suit today’s lifestyle

New homes are built to make use of every inch of space.  Research shows 17% of living space in older style properties often goes unused, which translates to £34,000 of a £200,000 house going to waste. New homes, on the other hand, provide flexible living space whatever your circumstances, whether you are single, a couple, a growing family or retired.

Peace of mind

Buying a new home eliminates many of the worries you might face when buying a property from the second-hand market. There will be no renovations or repairs to do, giving you more time to spend with family and friends. And the vast majority of new homes come with an insurance-backed 10-year warranty from the National House Building Council or Zurich, giving new owners real peace of mind. That’s something else you simply can’t get when buying second-hand.

Safe and sound 

New homes are designed to adhere to high building standards. These standards relate to every aspect of a building’s construction including its structure, ventilation, sound insulation, electrical and fire safety, so new home owners can enjoy living in a safe and secure environment.

Join a new community

Moving to a brand new home is also an opportunity to make new friends and be part of an emerging community. Buying in an established street, where properties may change hands infrequently makes it harder to break into the social network. Today’s neighbourhoods are designed and built with people in mind and with everybody starting from scratch, getting to know your neighbours and community is easier as you settle in and start to discover your new surroundings together.

You can download the HBF fact sheet on new homes here 

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