New-build and second-hand property prices converging

Latest figures from whitehotproperty.co.uk, the corporate property website run by property specialist movewithus, shows that many developers are removing their ‘new build’ premium, bringing the price of like for like new-build and second-hand properties much closer.

According to Robin King, movewithus founding director, many developers are seeing a significant rise in enquiries from first-time buyers as new homes move into their price range. Many home builders are offering buyers help with deposit payments, making a new home an even more realistic prospect.

Robin King, movewithus founding director, said: “New homes have traditionally been the reserve of second or third time movers who are able to afford the premiums that home builders add. With premiums being cut and incentives included to attract buyers, new homes are proving particularly attractive to FTBs looking for a solid foundation in the property market. As soon as demand returns and the supply of homes runs out, the premiums will probably return, so if FTBs are interested in a new home, now’s the time.”