18 May 2016

Barratt Developments Supports New Homes Week (16-22 May 16)

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Local housebuilders, Barratt Manchester and David Wilson Homes North West – are pleased to support the National Home Federation’s (HBF) New Homes Week (16-22 May).

The housebuilding Group, which has recently celebrated being awarded the maximum 5 star rating for seven years in a row by the HBF, has praised the HBF’s latest New Homes Report, which contains a fascinating insight into homebuyers today. 

The survey was published on Monday 15 May, and offers an in depth look into the issues and surrounding home buying, including the positive impact of new build homes and schemes like Help to Buy.

The survey also uncovered the fact that low running costs are as greater consideration for younger homebuyers as financial concerns of home ownership.

Top lines on energy awareness

  • When asked about important considerations when buying a home, younger people admitted that the only things that worry them more than running costs are the price and location of a property.
  • 67% of 18 - 24 year olds take into consideration the running costs of a property when looking to buy a home. This contrasts with 55% of people overall.
  • According to research from the Zero Carbon Hub, on average new homes built today are 65% more energy efficient than a Victorian home of the same style. As a result new homes currently built in the UK are roughly 50% cheaper to run per year than the equivalent Victorian house.
  • That could mean an annual saving of £440 for a 1-bed ground floor flat, or £1,410 for a 4-bed detached house.
  • In addition, new homes use a series of innovative designs that mean on average they use 30% less water than older properties. This saves the average home owner £54 on their water bill every year. 

Top lines on finances

  • The findings of a new report from the Home Builders Federation have found that financial barriers to home ownership are the biggest problem for first time buyers trying to get on the property ladder.
  • While the public’s aspiration to own their own home is only at 60%, younger generations are more optimistic, with 84% of 18 – 34 year-olds saying they would like to get on the property ladder.
  • The deposit required to secure a mortgage remains aspiring homes owners’ biggest concern, with 73% highlighting it as an obstacle. The actual cost of a home is also a significant concern with 69% of people saying property prices are an obstacle, while the prospect of trying to secure a mortgage (53%) also causes headaches for first time buyers.
  • Despite this, there is still a very high level of awareness amongst the public of Government schemes to assist prospective first time buyers to save for a deposit (66% of people are aware of the Government Help to Buy ISA savings scheme); and an even higher number of people, 77%, are aware of the Help to Buy equity loan scheme that allows first time buyers to purchase a new build home with a 5% deposit.

The research was published to launch New Homes Week 2016, an industry-backed initiative that looks to promote the benefits of new build homes to consumers across the country.

New Homes Week 2016 is running from Monday 16th May until Sunday 22nd May. To find out more, go to New-Homes.co.uk/new-homes-week, or search for the hashtag #NHW16 across social media. You can also check the @newdashhomes Twitter feed, or go on the New-Homes Facebook page.