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Why do people buy Persimmon / Barratt / New-built houses ?

woodsford
woodsford Posts: 61 Forumite
Second Anniversary 10 Posts
edited 18 April 2021 at 9:42PM in House buying, renting & selling
A bit of background, there are a few new homes (such as Persimmon / Barratt) being built near to the area I live in and we have read the following:


1) They don't look like they were built with good materials and look as if they could fall apart easily.

2) They're priced well above what nice old houses go for around here. Around £60k or more - plus these nice old houses tend to have more space internally and externally.

3) They tend to age quickly and lose value if you sell it 3+ years down the line.

4) The space inside is quite cramped and garden tend to be small.

5) Lots of reviews on here and online about issues with Persimmon / new built homes.

6) These homes are being built on floodplains and they get flooded almost every 2 years



Excuse me for the direct question - why do people still buy these homes?



Possible answers in my head:

1) People cannot afford older houses therefore resort to Help to Buy as it is the only way for them to get on the ladder?

2) Inexperienced / not having done their own due dilgence?

3) Prefer to live in a brand new house?

4) Status thing? 





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Comments

  • For my friend who recently bought (part of) a new build, it was because they could only afford shared ownership. 

    Some people think it means less work/less chance of things going wrong.  I don't think many are under that illusion for very long after they move in. 
  • flashg67
    flashg67 Posts: 4,117 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    The last new house I bought in 2004 wasn't particularly over priced in comparison, it did go up in value and I didn't ever have to do any maintenance to speak of (I sold it this year.)
    I think it is nice to be the first owner, but for us, it was in the right area and affordable. The room sizes might not have been huge, but at least there was a garden which many older houses near me don't have.
    My 'new' 200 yr old cottage I've moved to requires months/years of expensive work - I enjoy it, but not everyone does, or has the interest/money/vision to be bothered with older houses
  • With the Persimmon homes i think people buy them because they offer such exceptional value for money. Not sure why anyone would buy a Barratt when you could have a Persimmon though.
  • rik111
    rik111 Posts: 367 Forumite
    100 Posts Name Dropper
    The idea of something shiny and new and general stupidity....
  • woodsford
    woodsford Posts: 61 Forumite
    Second Anniversary 10 Posts
    edited 18 April 2021 at 9:22PM
    With the Persimmon homes i think people buy them because they offer such exceptional value for money. Not sure why anyone would buy a Barratt when you could have a Persimmon though.

    May I ask why you think they offer exceptional value for money? Or is this sarcasm?

    (Sorry - difficult to gauge underlying message/tone online)


  • woodsford said:
    With the Persimmon homes i think people buy them because they offer such exceptional value for money. Not sure why anyone would buy a Barratt when you could have a Persimmon though.

    May I ask why you think they offer exceptional value for money? Or is this sarcasm?

    (Sorry - difficult to gauge underlying message/tone online)


    Look at the average cost of a UK home and the average cost of a wonderful Persimmon home - great value.
    Look at the average cost of a Persimmon New Build and the average cost of New Builds in general - 17% cheaper for a Persimmon, great value.
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