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Four in five avoid new build homes
Four in five people would try to avoid living in a new build home, a study has found.
Research commissioned by bridging lender Market Financial Solutions (MFS) revealed that 81% of adults would rather live in an older home than a new build.
And 79% of those responding to the survey said the government prioritise refurbishment of run-down existing homes to boost housing supply.
The majority of the study’s 2,000 respondents – or 60% – felt there are too many poorly built and unattractive new homes emerging, while 23% said they would only consider buying a new build as a buy-to-let investment.
The study comes after a report by the Local Government Association last week claimed that one in 10 buyers of new homes are dissatisfied with the quality of their purchase, despite the average new build needing to last 2,000 years to meet demand if current housebuilding rates continue.
Paresh Raja, chief executive of MFS, said “more needs to be done” to support refurbishment projects.
He added: “Despite the distinct need for a greater national supply of housing, the public appetite is evidently stronger for refurbished traditional properties over new builds.
“However, the UK’s current housing strategy is heavily predicated on new builds, much to the frustration of buyers across the market.”
The government has pledged to build 1.5 million new homes by 2022.
Earlier this year, several stories about poor quality new build homes made national newspaper headlines.
