Home Residential PropertyFirst-Time Buyers Over half of Brits wouldn’t buy a new-build, with almost a third blaming ‘poor quality’

Over half of Brits wouldn’t buy a new-build, with almost a third blaming ‘poor quality’

4th Mar 24 12:50 pm

For first time buyers, the choice between splashing out on a new-build home or an older property can be tricky.

While older properties may boast attractive period features, such as bricked facades, moulded coving and original flooring, new-build homes are often more energy-efficient and a blank canvas to decorate.

But according to a new survey from industry data platform Alt Index, over half of Brits (57%) wouldn’t buy a new-build due to fears over the condition, quality and lack of character.

One in four Brits (25%) believed that new-builds simply lacked character and 1 in 5 (22%) preferred the vintage appeal of older homes.

Commenting on the statistics, Melissa Lewis, founder of ML Property Venture, said, “Whilst new-build homes are beautiful and create a community feel, in reality people may feel that developers are just trying to cram as many houses into a space, meaning rooms and living areas are smaller than older houses.

Also new-builds tend to be more expensive, so people feel that they’re buying less space for more money, in comparison to older properties within the same area.”

The survey also found that over 1 in 4 (26%) felt that new-builds weren’t as ‘robust’ as older properties and almost a third (28%) feared they’d stumble across potential snags due to poor quality.

To avoid unforeseen problems, Melissa advises you remain vigilant at viewings and inspect the outside and interior for any issues.

“Just be vigilant on viewings and pay attention to small snagging issues,” she added. “From a rough scan of a new build, see whether the sealant behind the taps is intact or if there are any hairline cracks. Look both internally and externally for gaps, cracks and anything that appears to be the result of substandard craftsmanship. Walls, windows, flooring and electrical sockets are key.”

It’s fair to say that the property market is fiercely competitive and prices for homes are soaring. Despite concerns over quality and appearance, nearly a third of Brits would shell out at least over £400,000 on a new build property.

According to the survey, over a third of millennials (33%) also believed that new-builds were too expensive and Melissa notes that buyers often struggle to sell them for a profit – or even what they first purchased.

She concluded: “New-builds are also paid at a premium, so if there’s any doubt in a buyers mind on whether they intend to stay long term, then avoid. Depending upon the area, sellers find that they have to sell at a loss, as they originally paid above market value, due to it being a new-build. For example, if a new build is priced at £440,000, but standard market value is £400,000 – the resale value may be around £430,000 or below for a quick sale. Even if there’s high demand, it will be difficult to make a profit on a new build.”

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