There are multiple benefits to buying a new home
Buying a brand new home is something special. Aranda Rahbarkouhi looks at the advantages of buying new over old. WHILE most of us don’t mind a little unrest when decorating, few want to move into a property with a list of DIY jobs to do. So buying a new home means those who want that “nip and tuck” already in place can do so with little effort. Whether it be bespoke tiling in the bathroom, or specific units and worktops in the kitchen, the desires of the new-build buyer can be met by the builder before the new homeowner even steps foot over the threshold. Managing director of Durham-based Dere Street Homes, Chris Hogan, said: “It’s a particularly good time to buy a new home. “Firstly, there’s a shortage of new homes as developers haven’t been building at the same rate as previous years, yet prices are still low. “When buyers return to the market in larger numbers than has been seen over the past two years, and this has already started, prices will rise very quickly – it’s the basic economics of a rising demand for a diminishing supply. We’ve seen the early signs of this as the discounts some companies were offering last year have all but disappeared – prices of new homes are unlikely to get any lower and will only rise. “Secondly, interest rates are the lowest they’ve been for years and the banks are beginning to release mortgages again – as more products come onto the market, competition increases and there are some very good rates to be had. “The low interest rate also provides the third reason in that new property provides a safe home for investors, especially niche property in semi-rural locations, which will always be in demand.” New homes are more energy efficient than older properties and designed with modern living and minimum maintenance in mind, which is an important factor for families struggling to cope with rising fuel costs. Mr Hogan added: “The new designs and materials create homes which are highly efficient for heating. However, probably the best reason for buying a new house as opposed to a pre-owned property is it’s a blank canvas on which you can establish your own identity.” An important point when buying any home is not to rush into anything. Miller Homes regional sales director, Debbie Dunthorne, said: “Our new homes are built to the latest environmental standards and are six times more energy efficient than older-style properties. More than half the heat lost in a typical home escapes through the walls or roof and more than 80% of energy use is for heating and hot water. “With gas supplies depleting rapidly and energy suppliers warning consumers to use sparingly, homes need to withstand these extreme conditions and conserve heat, while helping the homeowner to keep energy costs down.” The number of mortgage approvals has more than doubled in the last 12 months and net lending has increased for the third month in a row, signalling increased activity in the housing market, according to The Bank of England. During the next 12 months, net lending on homes is predicted to almost double from £8bn to £15bn and the number of housing market transactions is expected to rise, according to the Council of Mortgage Lenders. Joan Peart, Taylor Wimpey North East regional sales and marketing director, said: “We saw a real return in confidence in the market in 2009, with buyers taking advantage of lower prices, record low interest rates and financial schemes.” Lindsay Greenhalgh from Yuill Homes, said: “New-build homes are built to meet higher energy efficiency standards which can help save money on bills. “New-builds generally have no lengthy chain involved and the homeowner can move in as soon as they are ready. Yuill’s offers include the Government-backed scheme HomeBuy Direct, 5% deposit paid and our part-exchange scheme.”