By Andrew Batt:
More than three-quarters of British house hunters prefer to buy a brand new home rather than renting or buying a second-hand property.
A survey by Barratt Homes, the U.K.’s leading homebuilder, revealed that 79 percent of house hunters would prefer to buy new – a 27 percent increase in the popularity of new build since the same research was last conducted in 2008.
A total of 5,000 home hunters were questioned earlier this year and all said lower maintenance, lower running costs, higher specifications and solid construction were the main factors for buying a new property.
Jan Ruston, Sales Director for Barratt East Midlands (pictured), said: “Our customers in are telling us that renting is more expensive than buying, and with schemes like the government-backed NewBuy 95 percent mortgage scheme, buyers can buy a brand new home with as little as five percent deposit. This scheme is not available in the second-hand market.”
The survey also discovered that 33 percent of those polled had been saving a deposit for more than five years. Overall, 60 percent of respondents are assisted by their parents to buy a home, including: being a guarantor (eight percent), or providing a loan (nine percent) to help with furnishing the property (27 percent) or help with a deposit (20 percent).
Some 39 percent of respondents indicated that they expect to purchase within the next 12 months.
Related Stories:
British developers still luring Singapore buyers
Student accommodation buyers urged to do their homework
China home prices up a tiny bit