Door new-build

Investing in a new-build? Make it appeal to a wider range of tenants…

New-build homes are an excellent place to start when considering an investment property. But the key to any successful buy-to-let is getting good tenants.

With the UK government continuing to target 300,000 new homes a year by 2020, the new-build sector is growing. Even in spite of recent events which led to some housing projects slowing their progress, housebuilding levels remain high. This is therefore a huge section of the market to look at for both homeowners and property investors.

In a new report from Savills, the firm looks in more detail at who such properties are currently appealing to. Likewise, the research looks at who is still opting for existing homes over new-builds, and why. While the research has a focus towards homeownership, it is useful for property investors to be aware of gaps or opportunities in the market.

Five key points making new-builds more attractive

Savills has highlighted five top considerations for developers to look at within their projects. As the research found that many families were leaving new-builds in London in search of alternative options, this is a key focus of the study.

The five points can also be used to generate interest from a wider range of tenants too, for landlords looking at new-build investments.

  1. Offering flexible and practical space: Understanding the priorities and needs of your target market. It is also important to consider how these may change over time.
  2. The value of convenience: This is the most compelling reason to buy a new property. You must get it right when it comes to management, servicing, functional design and specification.
  3. Agile use of amenity space: A perk of living at density, offering spaces that feel like an extension to your home are very appealing. This will ensure you attract a diverse range of interest, too, while remaining affordable.
  4. ESG: Environmental, social and governance. The responsibility of delivering better buildings that positively contribute to the environment, social inclusion, mental health and well-being.
  5. Marketing: Understanding the market segmentation for different product types and markets. This is not only vital for developers, but for investors too.

Who chooses to live in a new-build?

The Savills study narrows down the ‘types’ of people who opt for a new-build property. Developers targeting the buyer’s market can use these criteria for marketing, but likewise landlords can bear these potential tenant types in mind when selecting new-build investments.

  1. Metro high-flyers: 20 and 30-something households with high-paying jobs renting expensive apartments in highly commutable areas; often sharers. For landlords, this is certainly a key market to target in city and town locations.
  2. Flexible workforce: Young, transient households who move seamlessly to follow their career aspirations.
  3. Cultural comfort: Thriving families with good incomes who live in inner-city communities and tend to own their homes.
  4. Penthouse chic: Early 30-something single households renting premium-priced flats in central locations with highly paid city-based jobs. This is another hugely important market for property investors to aim their investments at.
  5. Uptown elite: Households with children who own larger homes in accessible inner suburbs, as they enjoy comfort over busy city life.
  6. World-class wealth: Privileged households with generational wealth that allows them to live a global and luxurious lifestyle while occupying London’s most expensive areas.
  7. Central pulse: Young households on graduate starter salaries renting city centre flats in vibrant locations close to their jobs and nightlife. Major university locations such as Manchester, Liverpool, Birmingham and Leeds will see a large number of this demographic.

Opting for a new-build as an investor

Acquiring the right type of tenant for your property ensures that they remain there for longer. Any void period in a buy-to-let property investment affects the owner’s bottom line, and therefore retaining good tenants for as many months or years as possible is always the key goal.

New-build properties offer a huge amount of benefits to both the property investor and the tenant. Higher energy efficiency ratings and cheaper bills, as well as the ‘newness’ appeal, attract a wide array of tenants. Likewise, lower levels of repairs and maintenance are a benefit to landlords. Read this article for more pros and cons of new-builds.

BuyAssociation specialises in both complete and off-plan new-builds and newly converted property investments. Get in touch for more information. Alternatively, sign up for free to get early access to our best deals, direct from the developer. 

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