Are people tending to buy new builds over old?

upoiupou

This is a genuine question, no agenda other than I'd find it useful to hear people's thoughts.

I seem to see quite a few posts where the background information includes the fact that they're buying a new build. These might be from first time buyers or movers.

I'm curious about this because the two times I've looked for somewhere to buy I couldn't consider a new build. The price difference was too great, even comparing an older property with a somewhat smaller new build. This is in South East England so maybe it's partly geography, but I wondered if there are places where new builds are more affordable or are there other factors like being willing to be farther from train stations or other amenities?

Maybe I'm only noticing the new build related posts and not noticing the older property related posts because I'm thinking about this. But if people have any thoughts on affording new builds versus older properties I'd be interested to know. I'd really like to buy a new build next time! (But I don't want to move away from my area.)

Niv

I didn't consider new builds at all when I was looking. Seems a lot are leasehold so that's them off the table for a start, now consider how much smaller they are for the same size old house / plot there was no contest.

AnotherJoe

Where I live, central SE as well, new builds are breathtaking expensive compared to older properties. Maybe 15-20% more. From what I read many also now have these inquitous contracts whereby you have to agree to pay an open ended sum for someone to mow the grass a few times a year, even without a price difference that would put me off.

wjr4

We were considering both a new build and older properties (first time buyer). We viewed a few new builds which were advertised as being in our price range, to be told they were already sold so the others were out of our price range even with the help to buy equity loan. A two bed house starts at about £325k and a three bed house £340k.. We didn't want a flat as couldn't see ourselves living there for long and I don't like flats, also the service charge etc were too high. I didn't like having to buy 'extras' like grass in the garden - but ridiculous! The deposit and stamp duty alone make the new builds unaffordable! This is in central Essex.

We ended up buying an older property (not completed yet though) due to it being cheaper, a larger house, able to extend etc (think new builds are quite strict) not that we are planning to extend though, lower deposit and stamp duty, and in a nicer area in general.

I'm also not a fan of the sales people at the new build sites & 'having to use their adviser/solicitor' - even when I am an adviser I felt pressured to use theirs! I think we would have bought a new build if they were more affordable as I really like the style of most of them!

Niv

AnotherJoe wrote: »

Where I live, central SE as well, new builds are breathtaking expensive compared to older properties. Maybe 15-20% more. From what I read many also now have these inquitous contracts whereby you have to agree to pay an open ended sum for someone to mow the grass a few times a year, even without a price difference that would put me off.

Ahh yea, my mate had that too. I told him that that alone would be enough for me to not proceed.

Grenage

I think it's more common with younger people; as house that's brand new, has a guarantee, and they can specify the finish. There's something to be said for them, especially when it comes to heating costs.

That said, when we were looking, new builds weren't even a consideration. To us they are nothing but cheap stud, cheap finish, soulless and often cramped.

We ended up buying a 1905 house, so as you can see, it's all subjective.

AnnieO1234

We moved to a new build in a market town approximately 15 minutes from home in 2012. The price was at the top end for the local area but was half what we would have paid for even a one bedroom apartment back home, let alone a detached new build here.

We were looking at new build as we had just had a baby, we didn't want hassle of doing the roof or a new boiler etc that might have happened with an older property. We were lucky in that we found the right property to become our forever home. Most neighbours are in the same position, transplants from local towns and cities.

From what I have seen, most developers around here are building better standard, larger properties than some of the throw it up cheap guys. Equally the planning departments are quite ruthless with setting maximum numbers of houses on each development site. Our own was limited to 84 dwellings including the affordable rent to own apartments. It resulted in larger gardens than many newbuilds, and certainly than many of the older properties here. Xxx

Marvel1

A girl in work said they couldn't park their works van outside the house or put up a sky dish - no thank you.

bellaboo86

I think it depends on what you are looking for. I didn't want to pay a premium because it was a new build. I also didn't want to have my back garden overlooked by lots of houses. Friends of mine had also rented new builds and found the walls to be thin. I also noticed this when visiting. Others simply don;'t want a project. this could be FTB or people with well established careers that can afford a more expensive house that they can just move into.

Bonfire_Bride

We have sold an old house and are purchasing a new build (ish)...the current owners have had it for a year so it will still be under warranty. I think they have made about 19k on it in a year but in relation to other 4 bed detached houses it is a good buy.


I like the idea of a 10 year warranty, low energy costs and no blinking ARTEX!

Bonfire_Bride

The one we are hoping to purchase is built in a semi rural area with beautiful views of the Welsh valleys. Taylor Wimpey have moved further into the cities of Wales now so I'm hoping they wont be building around the current estate. Nobody overlooking the back garden and no houses infront.