More people considering new builds than before

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26% of homeowners are more likely to consider purchasing a new-build property compared to before the pandemic, according to new research from FJP Investment.

The investment firm commissioned an independent survey of 1,185 UK homeowners and homebuyers. It found that 50% would be willing to buy a new-build for their next home, with the figure jumping to 65% among those aged 18-34.

The research revealed that 39% of homebuyers viewed new-build developments as part of the search for the last property they bought. 24% of respondents said they would consider investing in a new-build property but not living there.

74% said they are attracted to the greater energy efficiency of new homes. 68% consider the modern facilities and furnishings to be another appealing factor, while 45% said that a big selling point is that new-builds are free from the complications that come with a property that has had previous owners.

However, FJP Investment’s study also highlights some perceived downsides to new-builds. The majority (64%) of UK homebuyers consider them to be overpriced, while 43% feel they are usually unattractive.

In 2021, the average premium paid to purchase a new-build property compared to the price of an existing home in Britain is 29%.

Jamie Johnson, CEO of FJP Investment, said: “The UK property market has been a hive of activity over the past 18 months, and our research clearly shows that more people are now considering new-builds for their next home or property investment. The greater energy-efficiency and conveniences that modern developments afford stood as a key factors working in the favour of new-builds.

“That said, we cannot ignore the concerns homebuyers voiced. For example, many are wary of purchasing a poorly-built home, while others consider them to be located in less desirable areas or to lack character.

“The government has already stated its desire to build beautiful homes. It must support those claims by investing in infrastructure and supporting the construction to ensure the high standards of new-build developments.”

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