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Brits still prefer period properties – can new-builds win us over?

period property

Finding a home with bags of character is still a top priority for the majority of UK homebuyer hopefuls, but could they be overlooking all the added benefits that come with investing in a new-build?

Sales of new-builds are soaring with the Ministry of Housing, Communities & Local Government recording a 28.2% increase in new-build purchases between April 2017 and April 2018, while last year saw a 16% rise in the number of new properties being constructed compared to the previous year.

But still, when a recent survey was conducted by discountflooringdepot.co.uk, an overwhelming 82% of respondents said that, given the choice, they would rather invest in a period home than a brand new one.

What do period properties have that new-builds don’t?

Having original features was the reason for 51% of people preferring a period home over a new-build, with original windows a favourite among 42% of respondents, feature fireplaces being chosen by 40%, and real wooden floors or original tiles swaying 37% of people towards an older property.

Homebuyers are also keen on the idea of cornicing and ceiling roses, singled out by 26% of people in the survey, while just over a fifth (21%) listed original radiators as a major draw towards period properties.

Period homes do come with a heftier price tag than many new-builds though, but surprisingly it is millennials aged 22-37 who were the most likely to shy away from a new-build in favour of an existing home (89%), while the older generation aged 38-58 were slightly less inclined to buy an older home (86%).

Changing attitudes

Despite these survey results, the number of people buying new-builds continues to rise, and there is a lot to be said for the benefits that come with buying a brand new property – or even investing in one before it has been built to reap even more advantages.

One of the huge plus-sides is, obviously, the fact that they are new. Unlike many 100-year-old houses, a new-build will not need any work doing and can be lived in straight away, with a full set of fresh furnishings and state of the art appliances. Typically, new-builds are also covered by a 10-year NHBS new home warranty, so if something breaks within a certain amount of time, the homeowner will not have to foot the bill.

With this comes the added cost savings involved. Compared to a home with original windows and floors, a newly built home is incredibly energy efficient, with double or even triple glazing, more draught-proofing and insulation and sometimes even smart home technology such as built-in remote heating and lighting controls. Even though some may baulk at the price tag of a newer home, the savings to be made over the years can be huge.

New-builds can have character too

According to Robby Du Toit, managing director of Sellhousefast, while older properties have their charm, there are plenty of reasons people choose to buy new-builds.

“New-build properties are increasing in popularity due to a competitive off-plan price, and governmental Help to Buy initiatives, making it a more prosperous and modern appeal to young individuals and couples who are looking to get onto the property ladder.”

If lack of character is the main concern for a prospective homebuyer, this can easily be remedied by decor choices, particularly if purchasing the home off-plan. You can easily add sash windows, real wooden flooring and cornicing to any property, offering a perfect balance of a cheaper, more energy efficient home that still has character and soul.

To see what property investments we have on offer at BuyAssociation, see our investments page.

The post Brits still prefer period properties – can new-builds win us over? appeared first on BuyAssociation.

Source: BuyAssociation

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