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Demand for New Build Properties Soars

According to property portal Zoopla, the level of interest in new build properties has increased to a higher level than before the Covid-19 pandemic.

Since the housing market opened up again, demand for new homes has increased by 66%, while demand for older properties has gone up 46%.

There are several reasons for the increased interest in new builds:

  • Property developers are used to selling houses and apartments off-plan, using virtual viewings and computer-generated imagery to really show prospective purchasers what the property will look like
  • New homes have the added benefit that the buyer knows no extra work is needed – saving them time and money
  • The Government’s Help to Buy scheme enables any buyer to purchase a new build home with just a 5% deposit, with the Government supplying a 20% equity loan (interest free for 5 years) so the buyer has a 25% deposit. This has been particularly useful recently as many lenders have withdrawn their 95% and 90% loan to value mortgages. It’s worth noting that from April 2021 this scheme will be restricted to first time buyers only

First time buyers are particularly keen on new build properties and the future looks promising both for them and the new build market with the Government’s recent announcement regarding plans  for nearly another 200,000 affordable new homes.

Julia Evans, New Homes Director at smarthomes, commented, “We’ve had an incredible amount of interest in our new build homes recently, especially at the Broadoaks development in central Solihull. We’ve been selling these luxury apartments off-plan over the last few weeks as buyers love the location and the high-specifications provided.”

If you need any advice on buying, selling, or renting a property, please get in touch with us on 0121 744 4144.

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