Now that Christmas has passed and you are looking ahead to 2020, you may be considering moving properties. Before you know it, spring will be among us and statistics have shown that March is the best time to buy and sell a property.
But is it more beneficial to buy a new build property or to avoid them? This blog will be looking at new-builds and whether you should purchase one.
Current Housing Situation In The UK
If you didn’t already know, the UK sits in a tricky situation when it comes to housing. Currently, the nation is within what most are calling a major housing crisis. The supply and accessibility for housing is becoming harder for current homeowners, and it is becoming increasingly challenging for people to get on the property ladder.
Many believe that one of the solutions to the housing situation is to increase the amount of new-builds built each year. Overall, this solution seems viable; Although, most Britons have a negative attitude towards new-builds making it harder to simply construct new builds.
The National Housing Federation estimates that the UK needs to build around 340,000 new houses each year to solve the crisis and solve the issue. Although, in 2018, England only built 165,000 new houses.
What Does The Public Think About New-Builds?
To understand what us Brits think to new builds, FJP Investments spoke to 1000 homeowners to find their thoughts on the topic. According to the results, more than half said that most new-builds are unattractive, with 63% being nervous that the new-build properties will be finished to a low spec.
Additionally, over two thirds of those asked (67%) complained that most new-builds were too expensive. Henceforth, putting homeowners off purchasing a new-build property.
Why Should I Consider Buying A New-Build?
With most, there are a large variety of benefits to buying a new-build property. The first of which being you wouldn’t need to face the maintenance of the property compared to an old house.
Another advantage to purchasing a new-build is that energy bills will be cheaper. New-builds usually have better insulation making the home overall cheaper to run.
Additionally, if you are entering the property ladder and need financial help, the Help To Buy equity loan scheme is available when purchasing a new-build.
On the other hand, there are disadvantages to buying a new-build. Sometimes it can be difficult to get a mortgage on a new-build and some of these properties come with some snagging problems when you move in. According to a New Homes Review report, 87% of new-builds have snagging issues and unfortunately some developers have poor after-sales customer care.
Also, if the property isn’t complete, then you will have to wait before you can move in, which can be tedious and frustrating.
Should I buy a new-build?
In answer to the question, should you buy a new-build, we genuinely believe it depends on your current circumstances. For those looking to make it onto the property ladder, it can be hard to find a new-build within your budget. For others looking to sell their current home ready for a new-build, it may be the right thing to do.
As a buyer, you need to really way up the pros and cons of a new-build. So before diving in, make sure you do more in depth research about the development and the developer you are considering buying from.