Demand For New Build Homes Rockets Post Lockdown

Posted by The Oracle Group on 8th July 2020 -

Demand For New Build Homes Rockets Post Lockdown 

Over half now appreciate their home 'More Than Ever' 

40% of people want a home office!

Interest in new build homes has rocketed since lockdown was lifted. After spending months taking refuge in their existing homes, more and more are re-evaluating their circumstances and considering a move – and high quality, environmentally friendly, modern new build homes are increasingly being seen as an option. A new survey released today by the Home Builders Federation (HBF) to mark the launch of New Homes Week Unlocked, which will take place 20^th – 27^th July, 2020 shows that:

• 55% of people polled stated that they now value their home space more than ever 

• 2 in 5 (40%) people say that they would now prioritise space for a home office if they were searching for a new home

• 1 in 5 (18%) people want to change the style of their home, with 1 in 6 (16%) stating whilst being in lockdown their interest in updating their home has increased

• Almost a quarter of people (22%) aged 25-34 revealed that whilst being in lockdown their interest in interior design has increased, compared to just one in eight (12%) of those aged 45-54

As a result of this newfound desire for change, housebuilders across the country are reporting a huge increase in new home enquiries and reservations since the sales process restarted last month. New figures out today from Zoopla show that;

• Buyer demand for new build homes resurged 66% in the six weeks that followed the property market reopening, and is now in line with demand levels recorded in February

• Demand has recovered nationwide, with the North East recording a 139% rebound, the West Midlands 121%, and East Midlands 108%

• First-time buyer demand is now outpacing pre-lockdown levels, with an 87% revival after an initial fall of 68% in the first two weeks of lockdown.

Stewart Baseley, executive chairman at the HBF concludes: “Lockdown has been an extremely testing time, during which people have spent much more time than usual in their homes. This has led to a re-evaluation in how people see their homes and what they want from them. As a result, high quality, environmentally friendly new build homes specifically designed for modern living are increasingly in demand. With homes available to suit all needs, budgets and ages there are options to suit everybody’s fresh new start. New Homes Week Unlocked will give those who have developed itchy feet an opportunity to update their space according to their new priorities.”

Alex Rose, Director of New Homes, Zoopla added: “Buyer expectations have shifted since the coronavirus lockdown. Home offices have spiked in popularity as more people plan to work from home more frequently, while gardens and proximity to outdoor space have also become a prerequisite for many buyers.

“First-time buyers are also driving demand, with many keen to make the most of Help to Buy, as loan-to-value mortgage products are harder to access.

“Despite the pressures of social distancing, demand from home hunters has been served by best-in-class technology, CGIs and virtual viewings made available by house builders. Buyers have also been able to visit empty show properties, making social distancing easier to navigate, enabling new homes purchases to move forward.”

As well as providing valued guidance to potential buyers following the Covid-19 crisis, New Homes Week Unlocked has been designed to support the industry’s comeback. House building can play a major part in helping the economy recover and Government is working closely with the industry to get build levels back up to pre-crisis levels.

The week will focus on supporting buyers to press ahead with the plans they have been forced to put on hold. As show homes around the country re-open their doors, with social distancing safety procedures in place, the event will provide expert guidance on how to take advantage of the fantastic incentives available to purchasers following the Covid-19 crisis. New Homes Week Unlocked will also showcase the vast range of beautiful new homes available around the UK and the benefits of opting for a brand-new build. Modern layouts and fresh interiors promote easy living and a wonderful opportunity to nail the search for the perfect property.