If you're tired of moving into fixer-uppers, or purchasing older properties that turn out to have problems hidden beneath their period charm, why not consider a new residential development? Buying new comes with a number of specific advantages, including:

CHOICE

The earlier you register your interest in a new residential development, the more likely you are to find exactly the right home. The key to getting that south-facing garden for glorious summer barbecues or top-floor apartment with fabulous views is to get in quickly and find out what your options are. 

10-YEAR WARRANTY

While one of the clearest benefits of owning a new build is that repair and maintenance costs shouldn't be an issue, you also get the reassurance of a 10-year warranty from an organisation like the National House Building Council (NHBC) or similar.

This means that if any problems do arise, the builder (for the first two years) or the NHBC (for eight years after that) will cover the cost of putting it right. There is also often an additional warranty covering any white goods, such as fridges and washing machines, that come with the property.

NO SELLER CHAIN

Buying a new home means you eliminate at least one element of uncertainty: you won't have to worry about the seller's end of the deal falling through. As well as being convenient for you, this can also be an attractive hook for buyers of your own property.

There is peace of mind that your seller won’t be pulling out of the chain and depending on exchange of contracts there is less pressure on finding a moving in date that suits an entire chain. 

There is a timetable to completion when buying a residential development. Typically, a buyer will pay a reservation fee, and then a further 10 per cent 28 days on exchange of contracts. The balance will be due on completion of the build. 

ENERGY EFFICIENCY

The cost of energy is on the minds of potential homebuyers. In our client survey carried out in December 2022, 79 per cent of respondents said that the prospective energy consumption of their next property has become more important.

New build properties tend to be designed with energy performance in mind, including insulation and high-efficiency central heating, so you can expect your running costs to be lower.

For instance, between 2018 and 2020, the majority of new build flats transacted in London achieved a ‘B’ rating on their EPCs, compared to a ‘C’ for a second-hand flat.

And a growing number of mainstream lenders are also starting to offer ‘green mortgages’, which provide preferential interest rates or cashback to energy-efficient homeowners, providing further potential savings.

Banner image shows McArthur’s Yard, Bristol

Further information

Contact George Cardale or Toby Greenhow

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