New-builds lack appeal for majority of potential buyers

New research indicated that potential buyers are unenthused by new-build properties.

According to a poll conducted by MFS, over 80% of respondents stated that they’re not keen on the thought of living in a new build property, with just under a quarter (23%) stating that they’d consider them an investment purchase.

In regard to factors behind this mentality, poor building was cited by 60%, whilst 41% stated that a lack of character led to their lack of new-build fondness.

The MFS poll also revealed that over three-quarters (79%) of those asked believed that more should be done by the Government to boost refurbishment of older buildings and grow the housing stock.

Commenting on the figures was Paresh Raja. The chief executive of MFS stated: ““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. Clearly more needs to be done to support aspiring property buyers by doing more to encourage the refurbishment projects that are essential to satisfy widespread demand.”

Today's Conveyancer