Nearly half (46%) of people aged between 54 and 65 are looking to purchase a new build, more than the younger generations.
This is according to data from the broker Mortgage Advice Bureau, which found that just a third (33%) of first-time buyers want to buy a new build.
New builds have become more attractive to people generally, as 53% of buyers in England said they wanted one in 2024, up from 27% in both 2022 and 2023.
Ben Thompson, deputy chief executive of the Mortgage Advice Bureau, said: “The new build sector is becoming increasingly innovative, so it’s no surprise that demand for these types of properties is on the rise among homebuyers of all ages.
“Our data – and wider economic conditions – indicate that buyer confidence in the new build market is on the rise, and I would hope this further encourages the government to significantly accelerate the level of housebuilding in the UK.
“There’s never been a better time to get mortgage ready with the support of a broker. Given their expertise in the new build market, they’ll offer guidance and insight to find out if it’s the right option for you.”
Some 43% of those aged 19-25 wanted to buy a new build property last year, while the proportion stood at a third (33%) among 24-35, 34-45, and 44-55 year olds.
Younger generations (namely, Generation Z and millennials), are typically more tech-savvy and environmentally conscious, and are more likely to be attracted to the modern features, low maintenance, and eco-friendly aspects of new build properties.
These developments are also renowned for creating a sense of community, making them particularly appealing to those in the younger age brackets looking to form social connections.
Meanwhile, baby boomers tend to be on fixed incomes and/or may be looking to reduce their overall living expenses, making the energy-efficiency of new builds more appealing.
With many in this bracket experiencing significant life changes, such as retirement or downsizing, new builds offer a more modern, low-maintenance living environment that aligns with their changing needs.
