Survey suggests many British home buyers would prefer renovated homes over new builds.
A recent survey has found that many British home buyers would like conventional or traditional homes over brand-new builds.
While more brand-new houses are being built in the UK, new research suggests that many still want older, conventional buildings even if they need renovating.
Individuals really feel that new built residential or commercial properties end up all looking extremely similar, could lack personality & character and also are typically poorly built compared to older houses.
The research study discovered that 81% are not excited by the possibility of living in a brand-new residence and also 79% assume that the Government needs to focus a lot more on supporting the repair and renovation of older residential or commercial properties to fulfill real estate need.
It also shows that 60% feel that there are way too many inadequately constructed, unappealing new builds and 41% feel brand-new homes lack character, also concerning them as eyesores, while a more 23% would just take into consideration buying a brand-new residence as a buy to allow financial investment, choosing not to reside in one themselves.
The UK government has prioritised new construction within its real estate plan to meet an immediate demand for brand-new residences and also intend to construct a minimum of 1.5 million new homes by 2022, yet the research claims that 1.4 million residential or commercial properties presently rest empty across the UK, a Two Decade high.
“The 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,” said Paresh Raja, MFS chief executive officer.
“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,” he added.