Over two in five (44%) aspiring homeowners are actively considering new builds, new research by Skipton Building Society has shown.

The figure compares to 30% of potential first-time buyers (FTBs) who are looking at older properties.

Skipton’s findings, which were based on a study of 1,000 aspiring FTBs, indicated that the appeal lies in modern conveniences (53%), energy efficiency (37%), and chain-free transactions (31%), with 53% citing the ease of moving into a ready-made home and 31% wanting to avoid the stress of being stuck in a chain.

However, the society also found that over (52%) of respondents believe that new builds in their area are not affordable, while 60% worry there won’t be enough supply to meet demand.

Over one third (35%) of FTBs also said that saving for a deposit is their biggest challenge, which Skipton suggested had highlighted a major barrier to homeownership.

“We know that affordability and deposit barriers are real concerns for many FTBs, especially in the new build market,” commented new build lead at Skipton Building Society, Jonathan Evans.

“By listening to brokers and understanding the challenges their clients face, we’re building a proposition that’s not just competitive, but genuinely supportive. Our lending criteria is designed with brokers in mind, clear, flexible and built to help them place more cases with confidence.”

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