Why buyers are turning to new-builds
Those who have never entertained the thought of buying a newly-built home are having a change of heart. We find out why and what to look for when buying new. Sharon Dale reports,
NOT so long ago, property buyers were split into two camps. Those who embraced the idea of buying a newly-built home and those who wouldn’t touch them with a barge pole because they prefer the character that older properties bring, even if they need work or a refresh.
Thanks to increasingly busy lives with more distractions, a struggle to find good tradespeople and energy bills that have rocketed, there has been a change of heart among some of those who have previously shunned new homes.
It’s a fact that most new-builds are now rated A or B on an energy performance certificate, they are also low maintenance and come with a 10-year warranty.
Jordan Yorath, of Monroe Estate Agents, says: “Energy efficiency is a big tick in the box for buyers. When they first came out hardly anyone took any notice of a property’s energy performance certificate but now they do and they know how to interpret them.”
He adds: “We have seen interest in newly-built properties increase, particularly just after this Christmas.
“We sold all five properties at Park Farm on the edge of the Temple Newsam estate and while the location and the quality of the properties was a big attraction, the energy efficiency and the fact that new-builds offer a turnkey option were also a big draw.
“You can move in and start living without thinking about changing anything or doing work to a property and spending money. If you are a couple with full-time jobs and two children, that is very appealing.”
Mr Yorath adds that he has also seen a rise in demand for new apartments, particularly from those aged 50 plus and there are more developers doing conversions to create more flats.
Those buying want to downsize and like the idea of being able to lock up and leave but they don’t want to do any work to the property.
Fears over the quality of apartment schemes are heightened thanks to devastating issues that have been brought to light by Grenfell and the cladding and building safety scandal and that has led to a more in-depth look at who is behind the schemes.
When buying any new property, a good survey by a snagging surveyor is vital. They can flag up issues that can be corrected before you move in and pay for the property in full.
Also important is an architect’s certificate aka CML professional consultants certificate, which is issued by a chartered architect or surveyor and lasts for six years, or ensuring there is an NHBC warranty.
Other changes in the new-build market include developers demanding that would-be buyers must exchange contracts within 28 days.
“That has changed. There is more leeway and we’ll also work with buyers who are in chains,” says Anne Haggas, head of residential development sales at Savills York office.
Incentives vary but in a less buoyant property market, there are generally deals to be had.
“You’ll see more assisted move and part exchange deals, along with furniture packages,” says Ms Haggas, who adds that many more wealthy buyers are targeting new homes.
“They still want a lovely big house but they don’t want the upkeep that goes with an older property and many of them want something they can lock up and leave.”
If you are looking in the low to mid end of the new-build market then there are some impressive incentives.
The home of the week at Barratt’s Harrier Chase development in Brough includes a deal worth £25,200 on Plot 31, a four bedroom detached home priced at £370,000. There is £14,800 towards your deposit, a kitchen and appliance specification upgrade, a free flooring allowance and bathroom and lighting upgrades.
Tips when buying a new build: A snagging survey is very useful and prices generally start from £300 upwards depending on the size of the house and you can also check yourself before you move in to make sure everything is tip-top. It’s much easier to get anything put right before you move in than it is to go through a warranty process. A good snagging surveyor will meticulously check everything from squeaky doors to pipes.
Completion dates can be moveable so check them regularly. This will enable you to decide when to sell if you have an existing home. The other option is to sell immediately after you have reserved and rent or move in with family or friends.
Some house builders offer partexchange schemes, where they will buy your old home. This is usually for a lower price than you might get on the open market but there will be no estate agency fees and you can stay in your home until your new house is ready, which will be less stressful.
Show homes are seductive but recall Kirsty and Phil’s mantra “Location, location, location”. Check out the area they sit in. Look at schools, transport links and amenities.
Estate management charges need checking if a housing estate has not been adopted by the local authority.
Change is anticipated but not nailed on with flats. Michael Gove is keen to hurry through a Bill to extend leases on flats and give flat owners the right to manage their building with ground rent at a peppercorn sum.