Old Versus New Properties debate.

by Mark Johnston

Old Versus New Properties debate.

According to figures produced by the National House Building Council around 184,329 new homes were built.

Both new properties and older properties generally appeal to very different markets.

Buy to let investors often favour a new build property as the rental returns tend to be higher on them and there is also normally minimal upkeep and maintenance required.

Whereas older properties tend to be the choice of those who do not mind tackling the occasional maintenance issue and those that also do not mind doing a bit of DIY.

Recent data from some estate agents has shown that only one in four potential home buyers would choose a house that has been built within the last 10 years.

Rupert Lister, director at Fulham based INZO estate agents, reveal then that 90 per cent of prospective buyers are still initially looking for period properties.

Research from the Future Homes Commission, showed that one of the reasons many potential buyers would not buy a newly built property is that they do not think that new homes are in anyway built for the needs of a modern family in the way that many Victorian and Edwardian houses were.

A recent report has shown that the size of new homes in the UK is well below that of Ireland, Denmark and Germany.

This said it has lead to many people believing that new builds are simply maximising profit by minimising space.

Old build homes will always be sought after then for their bigger rooms or bigger gardens and also there is more scope to add value to the property by extending.

Some buyer prefer older properties as they have a ‘homely feel’ and they think that new properties on a whole are ‘soulless’. Also the quality of craftsmanship tends to be better in older buildings as standards in general were much higher a 100 years ago than they are today.

New research has also shown that period properties tend to see four times as big increase in house prices as new build homes in the same areas.

On the flip side new builds do hold some charms……for a start they require a lot less if any maintenance and repair and as they are built to higher insulation standards buyers can expect lower heating bills.

Also over the past few years the competition in the new build market has increased considerably and therefore current developers are outdoing each other with their incentive schemes.

These incentives can range from paying the buyers stamp duty, or the legal fees or removal costs.

Piers Banfield, sales and marketing director for Banner homes, believes that the future of housing will see an increase in new build properties, this will then see an increase in competition.

More competition will in turn drive developers to build high quality homes, which then may result in the British public to re-think their attitudes to new builds in general. Out with the old and in with the new!

 



Story link - Old Versus New Properties debate.

Related stories to : Old Versus New Properties debate.