According to a recent study, new builds are unpopular as ever with new home buyers, as they prefer to live in a more traditional refurbished property.
A new survey from Mintel Reports (2017) found that ‘8 out of 10 Brits are “unenthused” by the prospect of living in a new-build house.’
Also, ‘3 out of 5 of the 1,000 people Mintel Reports (2017) polled believed that too many poorly built, unappealing new builds are being developed… while 2 out of 5 (42%) felt that new-build homes lack character and are ‘somewhat eyesores’ within their local community.
Almost a quarter of them would only consider buying a new-build as a buy-to-let investment, and would not prefer to live in one.
Instead of building new builds, just under 1 in 8 (78%) believed that the government should do more to support run-down properties, by renovating them and putting them back into the property marketplace.
According to the latest government data, ‘162,880 new-build houses were started in the year to March 2017 – up by 15% on the previous year. During the same period, 147,960 new-build homes were completed – up by 6% on 2016’.
Although, currently around 1.4 million properties remain empty across the United Kingdom – that’s a record-breaking 20-year high – according to recent Office for National Statistics data.
This research suggests the need for a greater national supply of housing, consumers’ attitude is evidently stronger for traditional refurbished properties than new-builds.
However, their implications such as the UK’s current housing strategy is heavily predicated on new-builds, much to the frustration of buyers across the market. More needs to be done to satisfy property buyers widespread demand.