Rise in Demand for New Build Properties
As the market reboots here in Scotland, it has been reported that there has been a spike in applications for new build homes.
Newly released figures show that that suppressed demand caused by lockdown restrictions on the property market has triggered a rise in demand for newly built homes.
The latest research from Knight Frank shows that the number of new applicants registering their interest for new developments between the 1st and 14th of June is already 4% higher than the same two week period last year, with interest expected to rise further following the reopening of the property market in Scotland on Monday.
Figures also show that May 2020 was exceptionally strong, with the number of new applicants registering their interest was higher than any month last year. In addition, viewing numbers have increased over the last two weeks with sales and marketing suites reopening with viewing figures just 6% lower than the five-year weekly average.
This indicates that the new build market has held up extremely well over this period, with the benefits of newly built home further boosting their appeal, in particular the ease of reservation, warranty, lack of chain and price negotiations to contend with, and Help to Buy. They are also extremely popular with investors given the low level of maintenance required.
What’s more, recent reports have shown that newly built homes rise in value three-fold compared to existing homes.
If you are considering buying a newly built home, Urban Union Ltd has a range of 1, 2, 3, 4 and 5 bedroom apartments and villas in our developments in Perth, Glasgow city, Glasgow Southside and Edinburgh. See our developments and contact us if you would like to find out more.