Why do some purchasers opt for a brand new home? For first-time buyers, it is sometimes a financial decision, for others it may be location.
But there is more to it than that, according to Jeremy Montagu-Williams of Savills, who believes there are ten prominent motivators.
Low energy: Buyers are more interested in energy efficiency and low running costs, so developers who install ground and air-sourced heat pumps, solar panels and cavity insulation are in favour at the moment.
“We recently sold a scheme in Burford designed and specified to maximise efficiency and minimise running costs. This included air-sourced heat pumps, insulation above the current building regulations and 75 per cent low-energy lighting,” Mr Montagu-Williams said.
Security: Anyone intending to spend long periods away from home will have security near the top of their list.
Mr Montagu-Williams said: “Properties such as the Royal Apartments in Henley, where the building is accessed via an entry phone that can be linked to the apartments television system, are popular.”
Low maintenance: Brand new fittings and appliances are reassuring, compared to the possible hiccups associated with older houses, such as ageing wiring or a boiler that may be temperamental or near the end.
Newness: “There is something very special about being the first people to live in a new home,” according to Mr Montagu-Williams.
Location: New developments are frequently sited on the edge of a village, within easy reach of local amenities and major routes, providing a rural location without the feeling of isolation.
Personalisation: There may be an opportunity to customise a new home.
Guarantees: Many new houses come with National House Building Council, or similar ten-year warranties, which give buyers peace of mind.
Incentives: Several developers offer part-exchange incentives on new houses in order to help buyers move in quickly.
Financial assistance: Since March’s Budget, first-time buyers no longer have to pay stamp duty on properties under £250,000 and schemes such as Catalyst HomeBuy can help to get people on to the property ladder. Other developers offer assistance with deposits.
Investment: New apartments can suit investors who are looking for a buy-to-let property because, as everything is new, they are often low maintenance.
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