{"id":6098666,"date":"2023-11-22T08:50:17","date_gmt":"2023-11-22T07:50:17","guid":{"rendered":"https:\/\/www.buyassociationgroup.com\/en-gb\/?p=6098666"},"modified":"2023-11-21T13:28:38","modified_gmt":"2023-11-21T12:28:38","slug":"new-build-today","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2023\/11\/22\/new-build-today\/","title":{"rendered":"What are the benefits of buying a new-build in today’s market?"},"content":{"rendered":"

A growing number of property investors are considering the option of a new-build rather than a second-hand home, so what are the advantages?<\/strong><\/p>\n

In the first half of 2023, around a quarter of all new-builds sold in the UK were snapped up by property investors<\/a>, according to the latest research from Savills<\/a>. The same report also revealed a rise in the number of cash buyers<\/a> entering into the new-build market.<\/p>\n

Demand for newly built homes remains strong among a whole range of buyers, though, including those stepping onto the property ladder for the first time who want a low-maintenance first home. This is a draw for property investors, too, as well as the tenants who will ultimately rent them.<\/p>\n

Savills’ research also reveals that the average achieved value for brand-new properties has “remained steady” at 98.5% of asking price. This shows that correctly priced stock remains a popular option, even taking the current house price<\/a> fluctuations of the wider market into account.<\/p>\n

The key advantages of a new-build<\/h4>\n

For homeowners, property investors and tenants alike, there are a number of fairly universal benefits to either owning or living in a newly built property, which is why they remain an appealing option to so many buyers.<\/p>\n

1. Energy savings:<\/strong> One of the most notable aspects of a new-build is its better-than-average energy efficiency<\/a> rating compared to the majority of the UK’s housing stock. This can lead to much cheaper bills for the inhabitant, which has become even more beneficial amid soaring energy costs.<\/p>\n

Savills’ research reveals that you can save 55% on your annual energy bill by living in a new property, while some lenders even offer cheaper mortgage deals to incentivise greener homes<\/a>. In its survey, Savills found that 61% of buyers had opted for a new-build because of its better EPC rating<\/a> and the associated savings on energy bills.<\/p>\n

The sustainability features that were particularly appealing in newly built properties included quality insulation, such as loft, cavity wall and double\/triple glazing, which was cited by 90% of respondents. Air\/ground source heat pump was what made new-builds popular for 54% of people.<\/p>\n

Solar panels, which are more likely to appear on a new home than a second-hand one, were popular among 32% of new-build buyers, while electric vehicle charging points were also a top sustainability feature for 32%.<\/p>\n

2. Low maintenance\/renovation costs<\/strong><\/p>\n

The appeal of investing in a ‘doer-upper’ and carrying out extensive renovation work to boost the property’s value has deteriorated in recent years due to the soaring costs of building and supplies. In Savills’ survey, almost 80% said this was their main incentive for investing in a new-build instead of an older property.<\/p>\n

As the agency points out, ONS research shows that the cost of concrete has risen by 14.4% compared with last year, and this is the case with a wide range of building supplies. So although buying a new-build may cost more at the outset, investors must be realistic in weighing up the cost of renovating a property.<\/p>\n

New homes also tend to come with a 10-year warranty from the NHBC, which covers a two-year builder warranty period followed by an eight-year insurance cover for specific aspects of the property. This can provide added peace of mind for the owner.<\/p>\n

3. Chain-free<\/strong><\/p>\n

A huge draw to investing a new-build is not having a chain, where you are waiting for an existing owner to sell before you can exchange on the property. This can take a lot of the stress out of the purchase, removing the chance of delays caused by other buyers and sellers.<\/p>\n

Either the developer or your property investment consultancy, if you are using one, should keep you up-to-date with how construction is going, to give you a clear idea of when your property should complete. This allows the buyer to ensure their mortgage and finances are in place.<\/p>\n

In the survey by Savills, 28% of people said that being chain-free was a major benefit of buying a new-build.<\/p>\n

If you’re a property investor interested in purchasing a new-build, or a high-spec newly renovated existing property, get in touch<\/a> to find out how BuyAssociation can help you. You can also browse some of our current and past projects here<\/a>.\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

A growing number of property investors are considering the option of a new-build rather than a second-hand home, so what are the advantages? In the first half of 2023, around a quarter of all new-builds sold in the UK were snapped up by property investors, according to the latest research from Savills. The same report… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":6098675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4,61,6],"tags":[508,44],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/6098666"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=6098666"}],"version-history":[{"count":5,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/6098666\/revisions"}],"predecessor-version":[{"id":6098676,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/6098666\/revisions\/6098676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/6098675"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=6098666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=6098666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=6098666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}