Home Property Finance & InvestmentMortgages More than 40% of new build buyers looking to downsize property

More than 40% of new build buyers looking to downsize property

1st Mar 24 3:04 pm

44% of new build home buyers are looking to downsize their property according to the latest data from leading new-home property website, newhomesforsale.co.uk.

The data, which analysed whether home buyers were looking to a purchase a new build in order to downsize, upsize or move into a new home of the equivalent size between 2020 – 2024 also revealed that just 24% were looking to increase the size of their home this year, a slight increase of the 23% average over the last 5 years.

In comparison, those looking to purchase a new build property to downsize their home has averaged 46% over the last 5 years, peaking at 57% in 2022.

This data comes as property prices rose by 0.1% compared to the previous month in December 2023 and fell by 1.4% compared to December 2022.

Discussing the data, Vernon Pethard, Founder and Director of newhomesforsale.co.uk, said, “Although an increase in square footage and floor space is often considered a key motivator for moving house, more and more people are actually looking to the New Build sector to downsize their home.

“Where this may well be in response to the economic challenges experienced over the last five years, downsizing is increasingly popular amongst the baby boomer generation, where a new build home presents a hassle-free solution with minimal maintenance and low running costs when compared to older properties.

“What’s more, with the goal posts consistently moving First-Time-Buyers to get onto the property ladder, more and more parents and grandparents are opting to downsize for equity release so they can financially support the younger generation in making this all-important step.”

Established in 1998, New Homes for Sale features over 2,400 developments from national house builders, housing associations and estate agents from across the UK and has established an unrivalled position within the new build sector.

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