House hunters turn to new builds
With house prices now rising in most areas of the country, demand for new build homes from buyers is increasing. Part exchange deals are also said to be increasing in popularity as house hunters look for more options.
Many people who purchase new build homes are also able to take advantage of schemes such as the government’s Help to Buy and shared equity deals.
House building firms have been reporting increases in sales with Bovis and Persimmon half-year sales up 2.5% and 7% respectively.
Anecdotal data from law firm Shulmans suggested the number of new home and part exchange deals had increased by as much as 15% in 12 months.
Rosemary Edwards, head of residential development at Shulmans, said both large and small builders were seeing increases in sales.
“We’ve seen growth across our house builder client base, including national companies like Barratt and David Wilson Homes, regional house builders such as Harron Homes and Duchy Homes, and social housing providers like Home Group,” she said.
“Shulmans currently handles approximately 2,000 of these transactions a year, meaning that our figures provide a representative snapshot of the wider-industry, which is good news all round for the house building sector.”