For young people and first-time buyers in the UK, the dream of owning a home can sometimes feel like it’s just out of reach. A recent survey has confirmed that most of the younger generation are worried about ever being able to buy a home, but new build properties could hold the key to a solution.
According to the 2024 ‘Seamless Transitions’ report published by the Home Builders Federation (HBF), more than half (60%) of young people are concerned about getting onto the housing ladder, against a backdrop of turbulent financial circumstances and an uncertain mortgage market.
Home ownership rates among younger generations have fallen drastically from a decade ago, with an almost 25% decrease in the number of 25-34-year olds that have been able to buy a property. However, despite the closure of the Government’s Help to Buy scheme in England, support is still available for first-time buyers and indeed, anyone who is thinking of buying a new build home.
And there are so many fantastic reasons to consider a new build home as your first property – from lower energy bills, to having a blank canvas that is all yours to decorate. The HBF’s annual New Homes Week event runs from 26th February to 3rd March 2024, celebrating the benefits of new build homes for every type of buyer.
The benefits of new build homes for first-time buyers
Brand-new homes hold so many advantages over existing properties, not just in the short term, but for many years into the future.
The HBF’s research found that more than half (57%) of people find the prospect of unexpected setbacks in the chain stressful when thinking about moving home. Choosing a new build property for your first home means that the buying process could be much smoother, as you’ll be chain-free, so you won’t be held up waiting for someone else to sell their house.
And with 1 in 2 people (49%) saying that the costs of moving home are a main source of stress, it’s great to know that there are fantastic schemes available to help make a new build home even more affordable, and first-time buyers in England don’t need to pay any stamp duty on properties worth up to £425,000.
Once you have the keys to your new home, you’ll be moving into a fresh and immaculately clean space that is ready for you to decorate exactly as you wish, with no costly renovations needed first – welcome news for the almost 60% of people who were nervous about uncovering nasty surprises after a home move.
What’s more, modern new build homes are incredibly energy-efficient and could cut your utility bills by up to £165 a month. Over a third (42%) of people stated that lower energy bills would make moving home easier, so the prospect of making savings straight away in a brand-new home is highly appealing.
Finally, half of those surveyed (54%) would like to have the reassurance that they’re covered in case things go wrong with their home move. New homes, such as those built by Bellway, come with a 10-year warranty and insurance protection as standard for your peace of mind from the moment you reserve.
Schemes to help you buy a new build home
Help is available for first-time buyers looking to get on the property ladder with a new build home, even if you have no deposit currently saved.
Innovative mortgage products such as Track Record, a deposit-free 100% mortgage that is available to buyers who have been renting for 12 months or more, are providing a helping hand to those who are ready to own a home but are struggling to save for a deposit.
Then there are schemes specifically for new build homes, such as Deposit Unlock, which has been developed by the HBF and could help you to secure a competitively-priced mortgage on selected new Bellway homes with just a 5% deposit, and Own New Deposit Drop, a 95% mortgage scheme which assesses applicants on their ability to make repayments – meaning that more people could be eligible for an affordable mortgage to buy a new home.
For first-time buyers in Wales, the Help to Buy – Wales scheme is still available until 25th March 2025, giving people the opportunity to purchase a new build home with just 5% deposit. Take a look at the full range of schemes and incentives to make buying a new Bellway home more affordable.
Contact your preferred Bellway development to find out more about the first-time buyer schemes that are available, and how you can apply. For further information about New Homes Week, and to learn more about the benefits of buying a new build home, visit the dedicated website or Instagram page or follow the hashtag #NewHomesWeek.
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