New build properties are now more appealing to first-time buyers than second-hand properties, according to a new study.
The new First-Time Buyer Index from Aldermore found that 48 percent of first-time buyers are looking exclusively for a new build property for their first home. A further 28 percent are considering a new build property as an option for their first home.
So, what is it that makes new build properties such an appealing option?
Maintenance and running costs seem to be a major driving for first-time buyers. Those surveyed felt a brand new home would mean no need for costly renovations and less maintenance. They also mentioned lower energy bills, reduced decorating costs and inbuilt items such as washing machines and dishwashers.
Another area respondents highlighted was the potential of a more straightforward buying process when buying a new build property. They mentioned the chain-free element of buying direct from a developer and also cited the option of extra assistance via the Help to Buy scheme.
The Property PX Group’s national client director, Scott Squire, commented:
“New build properties are great for those looking for a low-stress, low-maintenance option. Whether you’re a first-time buyer or someone moving up the ladder, new build homes can be a really attractive choice.
“Buying a new build home as a first-time buyer can be a quick and straight forward process, but you can also achieve that speed and certainty as someone moving up the ladder, or even downsizing, with property part exchange. In a challenging property market, where there is a huge amount of uncertainty for those trying to buy their next home on the open market, a new build property offers buyers security and peace of mind.”