Reasons to jump on the new home property ladder
New build developments continue to grow in volume and popularity across London, and for good reason. An attractive proposition for many, next home buyers are increasingly aware of the challenges and limitations faced with ageing secondary market homes.
Never more so than now. In these financially challenging times, rapidly rising utility fees indicate an urgent need for efficient, eco-optimised homes, homes that can positively impact both quality of habitation and systematically reduce household costs.
“We are currently witnessing unprecedented demand for new-build freehold homes in London,” explains George Davey, Head of New Homes, Land and Development. “Buyers are increasingly mindful of their environmental footprint, and property efficiency and affordability is key, for early stage buyers, in particular. An example of this, good EPC ratings and electric car charging points are an absolute essential.”
“That said, there is also a mature buyer shift from what can be costly period homes into new developments that offer bespoke interior options with precision-planned community facilities. At a certain age and stage, many people are looking for a forever home that reduces the future risk of expensive repairs or major maintenance demands.”
Check out our Top 10 reasons for buying a new build property in 2022!
TOP 10 REASONS TO BUY NEW BUILD IN LONDON
1 – COST EFFECTIVE
Building regulations in London require that all newly constructed homes be highly energy efficient. This can often mean that new homes achieve the highest ratings of A or B, largely due to full insulation coverage – flooring, walls and roof spaces, as well double glazing and draft-reduced doorways. Reduce your costs with a new build property.
2 – A GOOD PLAN
New build homes offer greater flexibility and property choice, especially when purchased off-plan. Aspect, floor plan and finish can all be ordered to your exact specification, and with Stirling Akroyd’s partner developers you are safe in the knowledge that your finished home, when delivered, will be totally made-to-measure.
3 – GUARANTEED CARE & QUALITY
Extraordinary increases in utility bills is not the only challenge with older properties. There is the terrifying uncertainty that surrounds future maintenance and the major repair of older homes. As a complete offset to this concern, new build homes are covered under a 10-year warranty that ensures that your new home remains structurally sound. Designed to cover any unexpected issues, you can be sure that your property remains safe and habitable at all times – a full decade after purchase.
BOXOUT
This warranty is unique to off-plan and new build properties. No equivalent assurances exist in the secondary market, however extensive due diligence and surveys will provide as much assurance as possible if a secondary market purchase is still an avenue you would like to pursue. However, if big bills for property maintenance are a worry, a particular worry for those heading into retirement, a new build still comes out on top.
4 – NO CHAIN
London is a city packed full of property opportunities, but a major issue for buyers is stalling progress and getting stuck in the property chain. Leaving you totally dependent on someone else’s sale and purchase agreement before your own deal goes through – this usually leads to disappointment and serious stress – or even the deal falling down completely! With a new build property – the path to purchase (and the key of the door) is clear.
5 – INVESTMENT IN MIND
In an upward trending London market, buying a new build property during the early stages of the development can offer long-term investment upside. With significant rental and sale interest in new build properties of all types, especially in key London locations, our Portfolio Managers predict that property revenues will continue to head in the right direction – making new build homes a strong prospect for a family purchase or portfolio investment.
6 – FREEHOLD FOR ALL NEW BUILD PROPERTIES
The UK government has made a solid and sensible decision to make all new-build houses freehold. This change tackles unfair leasehold practises, and prevents future home owners from being trapped in exploitative arrangements with ground rents that are too high for people’s pockets. Leasehold reform was included in the Law Commission’s 13th Programme of Law Reform with the aim of finding ways to make buying a freehold or extending a lease easier, faster, fairer and cheaper. This is great progress for new build home buyers.
7 – MORE CHOICE THAN EVER
With nearly 50,000 new homes built in the first 3 months of 2021 – a figure that has not been seen since before 2000 when it was at its height – England’s housing market is moving to pre-pandemic levels. UK government interventions are helping with this recovery, offering financial incentives to prospective homeowners and construction companies alike.
8 – GOVERNMENT FIRST-TIME BUYER SUPPORT SCHEMES
The government has taken measures to help first-time buyers, many of whom are key workers, get on the property ladder, offering discounts on homes of up to 30% against market value. A 95% mortgage guarantee scheme, requiring just a 5% deposit, has also generated great interest in new build and off plan homes. First time buyers can find the right scheme for them via the Own Your Home website which provides a single gateway for all routes to home ownership.
8 – NEW BUILD BRILLIANCE
Stirling Ackroyd finds and promotes new build developments with a mix of solid eco-credentials, high building specifications, excellent soundproofing, quality finish, and a developer track record of construction and community building excellence. No blocky, sub-standard, generic buildings of look alike apartments here – our partner developers are proud to deliver interesting, creative and quality homes.
10 – DREAM DEVELOPMENTS – THE PERFECT PORTFOLIO
From Putney Bridge to London Bridge, riverside to parkside, Stirling Ackroyd’s portfolio of new build properties is the best in London. Offering options from traditional Victorian facades with brand new design and construction inside, to state-of-the-art warehouse developments, our new build partners continue to release an incredible range of properties.
| OPTION 1 | OPTION 2 - Sold Out | OPTION 3 |
|---|---|---|
| Knights Hill – collection of 8 houses and 1 apartment coming soon | Radlett Mews | Stable Mews 40% sold off plan within few weeks |
