New builds 'attractive to first-time home buyers'

30-May-2007

Old build flats and houses have seen a sharp increase in price since 2002, but new builds could hold the real value for first time home buyers because of their "hassle-free" nature, it has been claimed.

Figures from the Land Registry have shown that prices for old builds have risen by 59 per cent in the past five years, compared to an increase of just 15 per cent for new constructions.

But the Home Builders Federation has advised that first time home buyers could opt for newer properties because they would be able to limit maintenance issues while remaining environmentally friendly.

"They will appeal to first-time buyers who will see them in many cases as more hassle-free," advised the firm's director of external affairs, John Slaughter.

"If you're worried about things like energy efficiency, it's certainly going to be […] much better in a new build property than in an older one," he added.

Find out more about the house-buying process including stamp duty, home information packs and conveyancing click here.

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