A recent survey quoted on the thenegotiator.co.uk has revealed that 81% of 2,000 people surveyed said they did not trust new build homes.
The government wants to build 1.5 million new homes by 2022 to tackle the gap between demand and supply of residential accommodation. Over the past year, 147,960 new homes have been built and the government’s Help to Buy scheme has enabled many people to afford to buy their first home.
The survey reveals that most people are disappointed in the quality of the new homes they move into. Around 60% of people said that new homes were poorly built and unattractive. The survey shows that most people prefer traditional refurbished property. The government is focussed on encouraging new builds, and some property experts want the government to shift the emphasis to supporting the developing and refurbishing of older properties.
A quarter of survey respondents said that, although they would not live in a new home, they would be happy to purchase one on a buy-to-let basis as an investment.
Brokers can arrange for a short-term bridging loan for property developers to refurbish older properties for resale. Some local authorities give renovation grants for homes over 10 years old up to a maximum of £20,000. There are also grants available to make homes more energy efficient. People owning empty properties can apply for a grant to cover half the cost of renovations provided they are rented to council-nominated tenants.