UK house hunters prefer new homes, research suggests

The research from Barratt Homes represents a 27% increase in the popularity of new build, since the house builder conducted the same research in 2008. Home hunters were quizzed in spring 2012 and the 5,000 polled noted that new homes offer: lower maintenance, lower running costs, higher specifications and solid construction. The research also found that 33% of those polled had been saving a deposit for more than five years and 39% expect to buy a home in the next 12 months. Also, overall 60% of respondents are assisted by their parents to buy a home. Of these 8% acted as a guarantor, some 9% provided a loan, 27% helped with furnishing the property and 27% helped with a deposit. ‘Our customers, in Coventry are telling us that renting is more expensive than buying and with schemes like the government backed NewBuy 95% mortgage scheme, buyers can buy a brand new home with as little as 5% deposit. This scheme is not available in the second hand market,’ said Steve Barton, sales director for Barratt Mercia. ‘Over the past four years, Barratt has gone out of its way to improve the quality of its homes which has been nationally recognised. Those who had put off plans to move, or have been saving for a deposit are surprised at how affordable a new build home can be,’ he explained. ‘In addition, Barratt Homes are backed by the National House Building Council’s 10 year structural guarantee and our own exclusive five year Barratt warranty on fixtures and fittings,’ he added.