Real EstateBusiness

First Time Buyers Waking Up to Special Offers and Discounts

These are difficult times for all sectors of the housing market. House sales across most of the UK have slowed and this has been the case for new build homes as well as for existing residential properties.

Without a doubt the main reason for this slow down has been the current economic climate. Many people simply cannot afford to move. On average, buyers have to find 9,000 for the taxes, legal fees and the cost of removals. In the South East, the average cost is a whooping 16,500.

Even if you have the money to pay the moving fees you still have to find the deposit. Luckily, house prices have fallen in many parts of the country, which, to some extent, has helped. However, it is not all good news the % required to get a mortgage has risen steeply. In 2022, you needed a 60,000 (10% of the house price) ; today it is closer to an average of 66,000 (15% of the house price). Combine that with stagnant wages, less job security and an increasing cost of living and you have the ‘perfect storm’. Buying a home has, for many, become an even more distant dream.

New homebuilders have responded by cutting the number of homes they build and mothballing some of their plant. However, they are still building homes and want to keep their businesses ticking over. They know that the demographics of the UK mean that in the near future demand for new homes will have to take off. Statistics show a housing shortage is on the horizon. Therefore, it is not in the interest of firms to stop building completely. However, selling new homes is a problem.

How building firms are responding to the challenge

To move their homes many builders offer discounts and special offers. They pay the legal fees, stamp duty, or for new furniture and offer special discounts to sections of the community like military personnel. However, a surprising number of consumers are not aware of these deals, let alone how to find them. A few are finding new build homes from What House that include special offers and deals. The What House website lists new homes for sale across the UK and provides news about the housing market in the UK.

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