The survey highlighted three main factors that were most appealing about new-build developments:
- Higher energy efficiency
- Input in designing off-plan purchases
- No seller chain.
Knight Frank’s analysis of EPC data from more than 600,000 new and existing properties over the last three years shows an average of 56% saving on annual energy costs (lighting, heating and hot water) when comparing a new property with an older one. Elements of new builds that make them energy efficient in the winter can also keep the property cool in the summer, an important thing to consider as temperatures rise. This includes good insulation and glazing.
Possible future changes to legislation surrounding energy efficiency in housing are also influencing buyers to choose new properties in greater numbers.
A quarter of those surveyed said this was the main factor, up from 20% two years ago. There was also an increase in potential home buyers who do not want to install energy improvement upgrades themselves. This number now stands at 30% compared to a fifth two years ago, which explains why more people are choosing the convenience of a newly-built home with these installed features.
Read More: Looking to find the top buy-to-let investment properties? You can view some of the best buy-to-let areas with our updated market insights!
