As the UK property market continues to ease lockdown measures, the demand in the New Build sector appears to be leading the way in a market resurgence.
Figures recently released by Zoopla show that buyer demand for new build homes resurged 66% in the six weeks that followed the property market reopening, meaning that it has returned to the pre-lockdown levels of February.
A new survey released by the Home Builders Federation (HBF) sheds some light on why demand is burgeoning in the New Build market. The survey found that 55% of people polled now value their home space more than ever, with 40% stating that they would now prioritise home office space if searching for a new home.
One in five polled also now want to change the style of their home, and one in six say that their interest in updating their home has increased during lockdown.
This desire for change has resulted in housebuilders across the UK reporting a large increase in the number of new home enquiries and reservations.
Stewart Baseley, executive chairman at the HBF said:
“Lockdown has been an extremely testing time, during which people have spent much more time than usual in their homes. This has led to a re-evaluation in how people see their homes and what they want from them. As a result, high quality, environmentally friendly new build homes specifically designed for modern living are increasingly in demand.”
The lure of modern living and environmentally friendly housing has seemingly struck a chord with younger buyers. In fact, 22% of those aged 25- 34 polled stated that while being in lockdown their interest in interior design has increased.
The Home Builders Federation conducted the survey to mark the launch of ‘New Homes Week Unlocked’, taking place online 20th – 27th July.
The aim of the week is to support buyers whose plans have been put on hold due to lockdown, with information on the benefits which a new home can give over existing housing.