Almost a third of new-home buyers have previously bought an older property, survey reveals

Almost a third of buyers of new homes in 2019 have previously bought an older property, according to the latest survey.

The New Homes Review (NHR) annual report revealed that 32% of respondents have bought a non-new home before, while 34% of new-home buyers in 2019 have previously bought a new home. An identical number were first-time buyers.

The independent survey, in its third year, recorded a number of small rises in the levels of customer satisfaction, despite a small drop in buyers believing that the home they bought represented value for money.

Couples make up half of all new home buyers

A quarter of the survey’s respondents stated that 3 or 4 people would be moving into their new home, with 51% being couples, indicating that the majority of buyers are those planning a family rather than moving in as one. A fifth are single-person buyers.

28% of buyers are aged under 35, yet buyers aged over 55 (35%) make up a higher proportion of new-home buyers. The biggest group (37%) are aged between 35 and 54.

Age groups of new-home buyers in 2019

 Number of people in new home

 %

 1 person

 20%

 2 people

 51%

 3 people

 15%

 4 people

 10%

 5 people

 3%

 6+ people

 1%

Location remains the number one driver to purchase

When asked to rank the reasons for buying their new home, customers cited location as the number one factor for the second year in a row. The design and look of a home remains important, coming second, with price and size third and fourth respectively.

 Reason for buying

 Rank

 Location

 1

 The design and look of the property

 2

 The price of the property

 3

 The size of the property

 4

 Close to family and friends

 5

 Number of bedrooms

 6

 Being close to work

 7

 The reputation of the builder

 8

 

The full NHR Annual Report 2019 is published on the NHR website.

Please Note: Every care was taken to ensure the information in this article was correct at the time of publication. Any written guidance provided does not replace the reader’s professional judgement and any construction project should comply with the relevant Building Regulations or applicable technical standards. However, for the most up to date LABC Warranty technical guidance please refer to your Risk Management Surveyor and the latest version of the LABC Warranty technical manual.

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