Modern amenities and energy efficiency drive demand, but affordability and supply challenges persist
Nearly half of aspiring first-time buyers are now considering newly built homes, drawn by modern amenities, energy efficiency, and the ease of chain-free transactions, according to a recent survey.
The research, commissioned by Skipton Building Society and involving 1,000 prospective homeowners, found that 44% are looking at new builds, while only 30% are focused on older properties.
The findings show that over half of respondents are attracted by the convenience of moving into a completed property, while 31% wish to avoid the complications associated with property chains.
Modern features were cited by 53% of participants as a key draw, with 37% valuing improved energy efficiency. Outdoor space remains a consideration for 22%, and 19% regard build quality as an important factor.
Despite these preferences, affordability remains a significant challenge for many. More than half of those surveyed believe that new builds in their local area are beyond their financial reach, and 60% are concerned about the limited availability of such properties. Additionally, 35% of first-time buyers identified saving for a deposit as their primary obstacle to homeownership.
Skipton Building Society’s range of lending products include the Track Record Mortgage, which is available to renters who can demonstrate a consistent rental payment history, and products offering up to 95% loan-to-value for new build houses and flats. The lender also provides nine-month mortgage offers, with the option to extend for a further three months, and does not charge application fees on any of its products. Selected products are free from completion fees. Some also include support for visa applicants at 90% loan-to-value, complimentary off-plan valuations for properties under £1.5 million, and dedicated resources for intermediaries through its portal and business development team.
“We know that affordability and deposit barriers are real concerns for many first-time buyers, especially in the new build market,” said Jonathan Evans (pictured top), new build lead at Skipton Building Society. “That’s why we’ve developed solutions like our Track Record Mortgage and 95% LTV products, to help renters and aspiring homeowners take that crucial first step.
“By listening to brokers and understanding the challenges their clients face, we’re building a proposition that’s not just competitive, but genuinely supportive. Our lending criteria is designed with brokers in mind, clear, flexible and built to help them place more cases with confidence.”
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