Are Brits really snubbing new builds?
Brits are sick of new-build housing developments, and would prefer a restoration of traditional properties, many of which are sitting empty, according to research by MFS.
The bridging finance specialist surveyed 2,000 UK adults and found that a massive 81% are unenthused about a living in a new-build property.
A record 162,880 new homes have been built across the UK in the past year, but 79% (40 million people) think the Conservative government should focus more on supporting the refurbishment of run-down properties to meet housing demand, rather than building new homes. MFS said that 1.4 million properties currently sit empty across the UK, a 20-year high.
A charmless home?
Six in 10 people said there are too many poorly-built, unattractive new-builds popping up across the country, while 41% reckon new-build properties lack character, acting as eyesores within their localities.
A further 23% of UK adults (11.81 million people) would only consider buying a new-build as a buy-to-let investment, refusing to live in one themselves.
Despite these constructions forming a core priority of the government’s housing policy, the research reveals that many homebuyers simply don’t like them.
Paresh Raja, CEO of MFS, said: “Today’s research sends a strong message to both those involved in property development and the government. Despite the distinct need for a greater national supply of housing, the public appetite is evidently stronger for refurbished traditional properties over new-builds.
“However, the UK’s current housing strategy is heavily predicated on new-builds, much to the frustration of buyers across the market. Clearly more needs to be done to support aspiring property buyers by doing more to encourage the refurbishment projects that are essential to satisfy widespread demand.”