New research produced by Barratt Homes indicates that UK house hunters prefer new homes to previously owned ones. Although it could be argued that a house builder is a touch biased, the results were overwhelmingly in favour of new homes. A total of 5,000 people were surveyed, and a whopping 79% said they would rather buy a new build purchase a second hand one or rent a property.
Interestingly enough, the same survey was conducted back in 2008 and produced dramatically different results. Since then, the popularity of new homes has increased by 27%.
The 2012 survey was conducted in the spring and produced a number of findings which explained why UK home hunters have swung towards new builds. Those who indicated their preference for new builds over second hand homes gave a number of reasons for their choice. These included lower maintenance, lower running costs, higher specifications and solid construction.
Barratt’s research also revealed that 33% of respondents had been in the process of saving a deposit for five years. Some 39% expected to buy a new build within the next year. The survey also found that 60% of respondents who actually owned a new home were helped by parents with the costs involved in buying their property. Within that 60%, some 8% of parents acting as guarantors, 9% loaned their children money, 27% helped to furnish the property and 27% contributed towards a deposit.
Steve Barton, sales director for Barratt Mercia, said: “Our customers in Coventry are telling us that renting is more expensive than buying, and with schemes like the government backed NewBuy 95% mortgage scheme, buyers can buy a brand new home with as little as 5% deposit. This scheme is not available in the second hand market.
Over the past four years, Barratt has gone out of its way to improve the quality of its homes, which has been nationally recognised. Those who had put off plans to move, or have been saving for a deposit are surprised by how affordable a new build home can be. In addition, Barratt Homes are backed by the National House Building Council’s 10-year structural guarantee and our own exclusive five-year Barratt warranty on fixtures and fittings.”
Sources: Property Wire, Barratt Homes.