New data was released by Dataloft Inform revealing that more than half of buyers would consider a new build home. With nearly 200,000 new build homes being registered in the UK in 2022, which is the highest number recorded since 2007 and up 26% on 2021, we wanted to let you know the reasons behind their popularity.
Buying a new build home can offer several benefits, including
Customisation: One of the main advantages of buying a new build home is the ability to customise the design and layout to your specific needs and preferences. You can work with the builder to choose everything from the floor plan to the finishes, giving you a personalised home that meets your needs.
Energy Efficiency: New build homes are often built with energy-efficient materials and systems, which can save you money on utility bills in the long run. These homes typically have better insulation and windows, reducing energy waste and improving overall efficiency. Owners of new build homes are set to save an average of £2,500 per year on energy costs after the Energy Price Guarantee increase anticipated in April, according to the Home Builders Federation (HBF). The HBF analysed all EPCs undertaken during 2022 and found that across all property types and sizes, kWh energy usage per m² was far lower for new build than existing properties.
Low Maintenance: New build homes are less likely to require repairs and maintenance compared to older homes. New construction often comes with warranties and guarantees for appliances and systems, reducing the cost of maintenance in the short term.
Modern Amenities: New build homes often come with the latest modern amenities, such as smart home technology, energy-efficient appliances, and modern finishes. These features can enhance the comfort and convenience of your home and potentially increase its resale value.
Peace of Mind: Knowing that your home is brand new and up to code can give you peace of mind. You won’t have to worry about hidden issues or unexpected repairs that come with older homes.
The ready-to-move-in condition, reduced running costs, lack of maintenance and developer incentives are all highly attractive to prospective purchasers. Overall, buying a new build home can offer many benefits, but it’s important to do your research and work with a reputable builder to ensure that you get the most out of your investment.
Source: Dataloft, Home Builders Federation, 2023, Property Academy Home Moving Trends Survey 2022, NHBC, 2023
