In recent years, particularly with many having time to pause and re-evaluate during the pandemic, we have found that the new homes market has outperformed expectations in terms of sales and growth.
What motivates people to buy a new-build home?
1. A blank canvas
A new build property is exactly that: brand new. No one has previously lived there, so you don’t have wear and tear to deal with when you move in. Often, new build properties are presented in such a neutral fashion that you may still need to pay for decoration to give it your own personality. However, the real benefit is that you won’t have to undo someone else’s style.
Pent-up demand to move since the pandemic has seen a wider range of buyers enter the fray. Many British households were able to build up more savings than usual during the lockdowns with the limited opportunities to spend, according to the Office for National Statistics. This boost to savings, coupled with a reassesment of home life and a desire for more space prompted would-be buyers swiftly into action to move once the housing market re-opened in May 2020 and purchase a new-build property.
Location is an important factor for new homes buyers. Many young people look for more affordable properties on the outskirts of London. A "good" location for homebuyers usually has transport links, well-ranked schools, and community involvement. Future amenities for the area matter too, from plans for new schools and hospitals, to public transport and civic infrastructure, as they can all dramatically improve property values as well as demand to purchase there too.
4. Energy efficiency
Energy efficiency is much higher up on everyone's agenda now, and often a very motivating factor that buyers consider when purchasing a new home. As the cost of living crisis continues to rise, the challenge of balancing personal finances with the ambition to live a greener lifestyle is also becoming greater. New-build homes have a clear advantage over their resale counterparts as according to Zoopla, "84% of newly built properties received an 'A' or 'B'M EPC rating compared to just 3% of resale homes'. This difference in energy ratings between resale and new homes can have a significant impact on running costs and carbon output.
5. Outside space
Another desire many people have when buying a home is outside space. Indeed, this has been a long-term requirement for buyers prior to the pandemic but is something that has been on the increase since. Many new homes developments offer the opportunity to have outside space whether it's a balcony, garden or terrace in London and the countryside.
Take a look at some of the developments we have with outside space here: