The Quest for Modern Living: How New Builds Are Leading Demand from UK Homebuyers

In recent years, there has been a notable shift in the preferences of homebuyers in the UK, with a growing interest for new builds for the added benefits they provide. This trend signals a significant transformation in the property market, driven by various factors ranging from lifestyle changes to wider economic considerations.

Here, we delve into the reasons behind the increasing appeal of new build apartments for homebuyers and which areas across the UK are seeing the highest demand for them.

Increasing Appeal of New Builds

After a somewhat arduous few years for the UK property market, analysis of property data in England revealed that throughout 2022 and into 2023, demand for new builds sat at 19.2% (based on the level of homes listed for sale that had already been marked as sold subject to contract, or under offer, as a percentage of all listings).

The data also revealed it was the South East that saw one of the highest levels of demand for new builds at 25% – second only to the South West at 26.7%. This is testament to the urban regeneration projects that have elevated the region immeasurably in recent years, including The Elizabeth Line and award-winning The Lexicon shopping centre in Bracknell.

New Build Apartments in the South East

Whilst a slowdown in sales transactions in the latter half of 2023 impacted both the new builds and existing properties within the market, homebuyer sentiment is improving. In fact, Zoopla’s September House Price Index revealed that demand for property in the South East was up by 19%, closely followed by London, which saw a 16% increase in demand.

Additionally, the latest survey data published by Zoopla revealed that two thirds of homebuyers were actively seeking or would consider a new build property in the near future – and it was the South East where new build property provided homebuyers with the greatest value. The report found that the region boasts the highest number of areas where new builds offered better value for money than older properties.

But newer properties offer more than just better value and a place to call home. Let’s take a look at some of the clear advantages they pose.

The Benefits of New Builds

New properties have the benefit of innovation and greater alignment to the ever-changing demands of homebuyers, and this presents wider rewards.

Increased energy efficiency

Naturally, advances in building techniques and technology means that new builds are generally far more energy efficient than older properties, with Zoopla noting that 85% of new build properties are rated EPC  A or B. In fact, research by Savills revealed that opting for a new build property can save buyers 55% annually, with 61% of buyers saying they had opted for a new property because of its better EPC rating and the associated savings on energy bills.

Further data from the Office for National Statistics revealed that apartments and maisonettes were the most energy efficient property type in both England and Wales, with a median energy efficiency score of 72, equivalent to band C. Meanwhile research conducted by Savills showed that the most common EPC rating for a new build apartment is EPC B, whereas for an older apartment, the most common rating was EPC C.

There are many reasons for this. Firstly, new build apartments tend to have smaller living spaces with less exposed walls, therefore requiring less energy to heat or cool and benefitting from improved heat retention. This, paired with more energy efficient lighting and appliances, better insulation and more sustainable sources on energy mean new build apartments lead the way for more economic, cleaner and greener living.

In addition to the above, The Grand Exchange, Bracknell utilises heat pumps and solar panels to help facilitate a greener and more sustainable way of living for residents. Find out more in our case study, here.

Greater Convenience

Often nestled within vibrant neighbourhoods and bustling city centres, new build apartment developments epitomise urban convenience. Residents enjoy proximity to an array of amenities, including trendy cafes, cultural venues, and recreational facilities, fostering a dynamic and cosmopolitan lifestyle. Moreover, excellent transport links ensure seamless connectivity to key destinations, making these apartments an ideal choice for professionals and commuters seeking both accessibility and a modern lifestyle.

In line with changing homebuyer demands and property market trends, many property developers look to add more residential amenities to their developments and this results in more convenience for residents and the local community alike. The Grand Exchange, for example, provides private resident-only extras such as a fully quipped gym, meeting rooms and co-working spaces for hybrid workers – meaning the development is more than just a home.

Low Maintenance Costs

As expected, older properties often require more initial work and maintenance than brand new properties, often adding thousands to the cost of moving into a new home as renovation and cost of materials continues to rise.

Additionally, newer properties are less likely to encounter costly issues such as leaks, mould, boiler or electrical problems commonly associated with older buildings.
On top of this, new builds come with a 10-year warranty as standard, giving extensive protections and added peace of mind when it comes to these major issues.

Chain Free

A huge draw for homebuyers is the chain free experience you get when buying a new build. This makes for a relatively hassle-free experience and a quicker purchase journey.

New Build Apartments in Bracknell

Our game-changing residential development, The Grand Exchange, brings a breath of fresh air to one of London’s best commuter towns.

Consisting of 242 spacious studios, one- and two- bedroom apartments, the development is the first of its kind in Bracknell, offering residents more than just a well-built living space. It brings residential amenities that cater to the needs of working professionals and is one of our largest and most exciting property developments to date.

Find out more about The Grand Exchange, it’s residential amenities and enquire, here.

What’s in Store for the New Build Market?

As demand for housing continues to evolve, new build apartments are likely to remain a popular choice among discerning buyers seeking a blend of comfort, convenience, and contemporary living.

With supply and demand within the UK’s property market becoming more aligned, the property market is stabilising and more and more homebuyers are returning to the market with a higher demand for new builds over older properties.

The Spring Budget publicised that the OBR were expecting inflation to fall to just 2% within the next few months and this has spurred confidence within the economy, as The Bank of England held interest rates at 5.25% for a fifth consecutive time at the end of March. This has strengthened an already optimistic outlook on the property market, with many industry experts hopeful that base rates will begin to decrease with interest rates following suit.

Discover UK property market forecasts for 2024 and beyond or find out if 2024 is a good time to buy property.