Thinking of buying a new build home? The latest figures show that sales of new build homes have plummeted by 21% compared to pre-pandemic levels. Could this be the end of the new build dream?

New research by data experts TwentyCi reveals that only 26,724 new build homes were snapped up by eager buyers in the past year. This is a dramatic drop from the 33,666 sales recorded back in 2019.

But while new builds are falling out of favour, it seems that us Brits are still keen on second-hand properties. Sales of resale homes are booming, with a 6% increase since 2019.

So, why are new builds losing their shine?

Well, it’s certainly not because there aren’t enough of them. In fact, the number of new build homes available has skyrocketed by a massive 65% in the last year.

The real culprit, according to experts, is the hefty price tag attached to these shiny new properties.

Mark Goodrich, at TwentyCi, explains: “The new build price premium is the key driver. On average, homebuyers are expected to pay 17% more for new build properties which is quite a high premium.”

That’s right, 17% more!

The average asking price for a new build in the UK currently stands at a jaw-dropping £497,939. Compare that to the average price of an existing property, which is a more palatable £425,130, and you’re looking at a difference of over £72,000!

Think about it – that’s enough cash to give your current home a serious makeover!

Times are changing

With the cost of living crisis continuing to bite and interest rates soaring, it’s no surprise that buyers are tightening their purse strings.

Goodrich points out that government schemes like Help to Buy, which helped many first-time buyers get a foot on the property ladder, are a thing of the past.

So, if you’re in the market for a new home, it might be worth considering all your options before you sign on the dotted line for a brand new build. You might just find that your dream home is a pre-loved one!