John Slaughter, director of external affairs for the Home Builders Federation, revealed that around 28 per cent of people had said their preference was for a new build home in a recent survey.
Land registry figures reveal that the average price of older flats has soared by 59 per cent over the last five years, compared to new build flats, which increased by only 15 per cent.
Mr Slaughter insisted that renovation and redesign work often needed for older properties fuelled first-time buyers’ desire to buy newer homes.
“I think we would feel that there is actually a fairly healthy demand for new homes in that they will appeal to first-time buyers who will see them in many cases as more hassle-free,” he said.
“Obviously you can buy already refurbished period properties but they tend to be quite expensive because they have been done up.”
Firstrung recently revealed that first-time buyers in London are facing a crisis, after the average price of a new home increased by 0.6 per cent in April.
© Adfero Ltd
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