Are new-build properties cheaper?
The process of choosing a property can often prove a minefield to manoeuvre, but one way we’re narrowing our choices is by opting for either a new-build or an older property – and for 79% of house-hunters, it’s the former that’s leading their search…
A survey, carried out by Kent-based house builder Ward Homes www.wardhomes.co.uk, discovered that Brits are much more likely to show an interest in new-builds than they were four years ago, where 62% preferred a newly built property. But why? Higher specifications, lower running costs and lower maintenance were also reasons for house-hunters’ preference.
It appears that the government-backed NewBuy mortgage scheme www.newbuy.org.uk (where buyers only need a 5% deposit) is encouraging house-hunters to opt for new, and thus more affordable, builds. Especially as getting together that all-important deposit appears to proving ever-harder for those looking to get their foot on the property ladder. Of those polled, 33% had been saving for a deposit for more than 5 years, with 60% assisted by their parents to buy a property.
The NewBuy scheme however, requires a more minimal deposit: instead of the average 20% required for a £200,000 home, buyers would require £10,000 (instead of £40,000).
We want to know what your preference is: new-build or older properties?
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