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Residential

New build appeal

Q4 2012

Strutt & Parker has noticed an increased demand for new build homes across the country as growing numbers of people buy into the more practical lifestyle.

Strutt & Parker has noticed an increased demand for new build homes across the country as growing numbers of people buy into the more practical lifestyle.

Strutt & Parker's figures from 2012 so far have shown that there has been increased interest in new build homes with strong sales being achieved as more and more people opt to buy these more modern properties. These homes vary from new build apartment blocks in towns to larger luxurious family abodes in quiet rural locations. It would appear that people are realising the great benefits of new build of which there are many.

In a tough market where buyers are becoming increasingly more demanding in what they are looking for in a property, new build homes offer some big pluses. They generally offer lower maintenance compared to 'character' homes. There are fewer issues of old windows, faulty boilers and bad insulation. Instead most homes offer very low running costs, double glazed windows, excellent insulation and efficient boilers. As well as being less likely to cost more money in the long run with repairs they actually are kinder on the environment as well as the wallet so are more economical generally.

Michael Fiddes, head of agency at Strutt & Parker, explains that often it is the 'fresh start' of a new builds that appeals to so many buyers; "the clean slate with no prior history or imposed character. People like to put their own mark on their new home and like that the generally neutral décor and design allows them to do that, at the same time often offering a higher specification than period homes."

Fiddes continues that "it is always interesting to see how many people surprise themselves by buying new build when they had initially ruled it out of their search. Having spent time looking at older period houses they eventually realise that the advantages of the new build style would actually suit their lifestyle more than they would have initially expected and that in the case of 'old style/new build' homes they can have the best of both worlds." This is particularly the case with people downsizing who like the period charm but want a house that is easy to run and live in.

There is still a gap between the value of period styles and new build homes but this is narrowing fast. Prices are slowly starting to hold more over time for new build homes especially those with good specs and eco-friendly features. The fact that the number of people buying new build over period homes each year is increasing just goes to show that despite this small gap in value people are making the decision that the practical benefits outweigh the financial long term investment.

Fiddes concludes that "as an agent it is always nice to be able to offer buyers a choice of home, from the character-filled 16th century cottage to the modern, marble-floored, all singing and dancing pad. It is good to see that more and more people are looking outside the box, pushing personal boundaries and seeing what fantastic lifestyles can be offered from new build homes."