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 FTBs 'drawn to new builds'
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Monday, June 04, 2007 |
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First-time buyers in the UK gravitate towards new build properties as opposed to older homes, due to the fact that they tend to be less complicated, according to new reports from the Home Builders Federation (HBF)...
The HBF argues that the renovation of design work required for older properties is deterring new buyers from selecting these homes, preferring instead to opt for new builds.
In addition, older properties that have already undergone refurbishment tend to be more expensive than new builds, another reason why newer properties are proving popular. John Slaughter of the HBF states that new builds appeal to those who are unprepared to carry out redesign work.
"There is actually a fairly healthy demand for new homes in that they will appeal to first-time buyers who will see them in many cases as more hassle-free," he said.
"It's not everybody who wants to take on a lot of renovation work or redesign work."
Conversely, the British Property Foundation asserts that older properties are popular among buyers looking for certain practical features such as parking and larger gardens, reports Hot Property.
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