There's no new construction to increase property values. Conversely, when you choose to buy in a growing community, your home's value will appreciate in pace with the comparable homes here.
Over the last 10 years, new build house price growth has outperformed existing stock in nearly every region in the UK – in some places, by as much as 25%. The new build 'price premium' has been well established by the press, with buyers often paying up to 15% more for a new build property.
New construction homes are a good strategy for investors looking for growth. Investing in new and emerging markets can increase your property's appreciation rate and build equity faster. Appreciation is never a guarantee so make sure you perform a competitive market analysis before buying.
Typically new builds go down in price after you buy them, a bit like a car. This is because new builds have the premium price tag that's out of character for the area, so they come down before they go up – meaning it can take a while to start seeing any equity in your property.
Our outlook continues to be that if you are ready and able to build then now is the best time to do it. It is anticipated that interest rates will be on a rising trend throughout 2022 and costs will continue to increase, although the cost increases will be at a more normalized rate.
On average, new build homes sell for 10% more than the typical home, and then there's the leasehold scandal on top. With so much to watch out for, it can spell a nightmare for any new, inexperienced buyer hoping to make it on the ladder.
About 94 per cent of new-build homeowners report at least one defect once their property is complete, according to a recent poll by trade body the Home Builders Federation (HBF). Poor plastering, bad brickwork pointing and damaged windows are among the most commonly reported 'snags'.
Land appreciates, too.
As new phases are added, lot prices go up. The increased value of the land your home is built upon is positively affected by the lot prices in that community. Also, available homesites with increased premium prices bump the value of those lots that did not have a premium price attached.
New homes are typically more energy efficient than older houses, having been built with newer building materials, better insulation, and state-of-the-art tech. Consequently, energy costs should be lower than with a resale property.
Quality and Snags – New builds often get a bad press with stories of poor quality making the headlines. Even with the best new build home, you can still expect snags like doors getting stuck on new carpets or a loose tile.
The number of new build houses being constructed throughout the UK has increased year-on-year for over the last five years. However it has been widely publicised that these constructions are below par in terms of structural quality, and as a result their soundproofing ability.
The question of how long a property should last is often debated in the construction industry. In 1992, it was suggested that new build properties should have at least a 60-year lifespan. However, just 25 years on, the Local Government Association (LGA) has stated that new-build homes should last at least 2,000 years.
Always negotiate a new-build house price
Just because a new-build property is new, it doesn't mean the asking price is non-negotiable. You can make an offer in the same way you would if you were buying an older property. Of course, it's up to the developer if they wish to accept a lower offer or politely decline it.
According to Sara Ransom, London director of Stacks Property Search, at the time you could offer 20% to 30% below the developer's asking price. In 2022, you'll be lucky to get that kind of discount.
The airborne sound wave strikes the wall and the pressure variations cause the wall to vibrate. This vibrational energy is transferred through the wall and radiated as airborne sound on the other side. The main issue is the quality of the mortar bed and pointing in the party wall during construction stage.
Many end up opting for solutions which worsen the situation. Tearing down existing walls and rebuilding costs more money, takes longer, and also uses more space. Soundproofing is definitely worth the money but there is no need to go overboard.
Not only are our walls insulated with sound dampening materials but our double-glazed windows and our insulated external doors also help to improve sound proofing, ensuring you receive greater privacy and peace and quiet.
Experts say the rush to build homes amid Britain's chronic housing shortage, and the dominance of a few big building firms that use a multitude of subcontractors, are also to blame for poor building standards.
So, in total, expect a house to go from 'breaking ground' (the traditional start of a project where the trenches are dug for the foundations) to moving in over a period of six and 12 months. At extreme ends, some timber frame package companies claim to be able to get a house ready and liveable within six months.