Findings from the platform also revealed that interest rate and cost of living increases do not appear to have dulled plans to move to a new-build home for many as the number of people searching for new-build homes increased to 50,398 in May (+3,534, an 8% increase on April 2022).
Daniel Hill, Managing Director, whathouse.com comments: “The data appears to show that - despite economic uncertainty - new build homes are storming ahead of second-hand properties when it comes to consumer confidence and desirability, and it’s no surprise why. The reality is that the pandemic drastically changed what people want from their homes and the current economic uncertainty means lower maintenance costs and energy efficiency are now a priority.
"As a combination of monthly outgoings and ability to borrow affect affordability, the first-time buyer market is extremely difficult to predict. However, with the Government bringing forward the Help to Buy scheme’s property reservation deadline by two months to October - ahead of the scheme’s conclusion in March 2023 – we anticipate a final flurry as first-time buyers lock in fixed-rate mortgage deals and ensure they’ve legally exchanged on their home before the cut-off.”
