Brits currently looking to buy are more likely to be looking at new builds than older homes – and the reasons why are clear
Prospective homeowners are shying away from buying older properties, deterred by the potential of mould, upkeep costs and leaky roofs. A survey of 1,000 adults currently in the market to buy a home found that 44% are considering new builds, while only 30% are looking at older homes.
When it comes to older properties, 41% of people are deterred by the potential for unreliable heating systems, while 31% are concerned about possible hazards such as asbestos. Over half (53%) prefer the convenience of a modern home with all the latest amenities, while 31% want to avoid the stress of being caught in a property chain.
However, 60% of prospective buyers are worried about whether there will be enough new builds to meet demand in their area, and 52% don’t believe the properties being developed nearby are affordable.
Research commissioned by Skipton Building Society reveals that nearly seven out of 10 (68%) have accepted that getting onto the property ladder would mean depleting their savings – leaving them without a financial safety net for emergencies.
So far, saving for a deposit has been the biggest hurdle for 35% of respondents, while 24% have struggled to find a property within their budget.
Jen Lloyd, head of mortgage products and proposition at the building society, said: “We’re seeing a real change in what people want from their homes. While older properties with character still have their charm, more buyers are now drawn to the ease, energy efficiency and ready-to-move-in appeal of new builds.”
However, Jen emphasised that the dream of owning a home, whether old or new, ‘is still out of reach’ as Skipton’s Home Affordability Index found that only 11.5% of potential first-time buyers can afford a home in their area.
“We’re working to make home ownership fairer and more accessible for the generation that’s been locked out,” Jen added. “Whether it’s a doer-upper or a brand-new build, everyone deserves a fair chance to own a home that suits their life.
“Which is why we offer a range of innovative mortgage options that help renters get on the ladder, give people more borrowing power, and offer buyers a bit of breathing space before repayments begin.”
When asked what was most important aspect when searching for a property to buy, affordability and being part of a friendly community were the top priorities, according to data from OnePoll.
Having outdoor space was essential for 22%, while 19% said the quality of construction would be the deciding factor.
However, 52% would be more likely to choose a new building if it came with eco-friendly features such as solar panels and electric vehicle charging points.
Jen Lloyd added: “Buying your first home should be exciting – not overwhelming. But right now, too many people feel priced out or stuck.
“We’re determined to change that – we’re listening to what buyers want, and we offer solutions that make home ownership more achievable. Whether it’s a modern new build or a place full of character, everyone deserves a fair chance to find a home that fits their life.”
