Prospective home buyers are showing a preference for new properties over older ones due to concerns about issues like mold, maintenance costs, and aging infrastructure. A recent survey of 1,000 individuals currently in the market for a new home revealed that 44% are considering purchasing new builds, while only 30% are exploring older properties.
Among the factors deterring buyers from older homes, 41% are worried about unreliable heating systems, and 31% are concerned about potential hazards such as asbestos. More than half (53%) express a preference for the convenience and modern amenities that come with new homes, while 31% wish to avoid the complexities of being part of a property chain.
Despite the interest in new builds, 60% of potential buyers are anxious about the availability of such properties to meet demand in their local area, with 52% expressing doubts about the affordability of the developments nearby.
Research conducted by Skipton Building Society indicates that nearly 68% of individuals acknowledge that purchasing a home would require dipping into their savings, leaving them with little financial cushion for emergencies.
The biggest challenge for 35% of respondents has been saving for a deposit, while 24% have struggled to find a property within their budget.
Jen Lloyd, who oversees mortgage products and propositions at the building society, notes a shift in homebuyers’ preferences towards the convenience, energy efficiency, and move-in readiness of new builds compared to the charm of older properties.
However, Jen highlights the ongoing challenge of achieving homeownership, as Skipton’s Home Affordability Index suggests that only 11.5% of first-time buyers can afford homes in their desired locations.
“We are committed to making homeownership more equitable and accessible for those who have been excluded,” Jen stated. “Whether it’s a fixer-upper or a brand-new home, everyone deserves a fair opportunity to own a property that suits their lifestyle.”
According to data from OnePoll, affordability and a welcoming community are top priorities for homebuyers, with outdoor space being essential for 22% and the quality of construction influencing 19% of decisions.
Moreover, 52% of respondents express a preference for new buildings with eco-friendly features like solar panels and electric vehicle charging points.
Jen Lloyd emphasized the importance of making the home buying process exciting rather than overwhelming, highlighting the need to address the challenges faced by many in the current housing market.
“We are committed to listening to buyers’ needs and offering solutions that make homeownership more attainable, whether through modern new builds or character-filled homes,” Jen concluded.