Out with the old and in with the new?
With the Government promising to build an extra three million new homes by 2020, results released today from a survey of independent estate agents shows that at a national level, demand for new homes has not outstripped demand for older properties. Home Sale Network, the national network of over 750 independent estate agents, surveyed its members to discover which type of new build property is most in demand and where.
The survey asked Network members if over the past five years they had seen an increase in demand for new build homes. Nationally, 21 per cent of members said that they had witnessed an increase in demand and 79 per cent said that demand had remained static. Regionally, demand varied with 50 per cent of Network members in East Anglia reporting an increase of over 50 per cent, followed by both the East and West Midlands where 33 per cent of members said they have seen an increase.
Nationally, members reported the most popular type of new builds were three bed houses, with 45 per cent of members saying that in their area these were the most sought after. Two bed houses fared less well, with only 15 per cent of members saying they were most in demand in their area. Flats/apartments and four bed or larger properties each accounted for 20 per cent of national demand.
At a regional level, demand for each type of property varied. New build flats/apartments were the most sought after in Greater London, accounting for 88 per cent of demand. Demand for newly built two bed houses was reported at 50 per cent in the West Midlands. Demand was greatest for new build three bed houses in Wales and the East Midlands and four bed houses fared best in the North West, accounting for 45 per cent, and the North, where they make up 40 per cent of demand for new builds.
Local Home Sale Network member Heritage Estate Agents spokesperson Paul Kingston said: “There is clearly a great deal of regional variation in terms of what type of property people are buying when they purchase new build homes. We have a dedicated new homes department, which specialises in new properties which are either newly completed, or under construction. As well as having a variety of older style properties on our books.
Heritage Estate Agents have the detailed local knowledge to help buyers find the home that is right for them whether they are looking for a new build or an older style property.”