Demand for new-builds edges up in second quarter, finds easyMoney
Demand for new-build homes ticked up in the second quarter, although the market remains substantially muted compared to last year.
Analysis by peer-to-peer property lending platform easyMoney found that a fifth of all new-build homes listed for sale across Britain have already found a buyer, up 0.7 per cent compared to the first quarter.
However, on an annualised basis, demand is 14.1 per cent down compared to the same quarter last year.
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“We’ve certainly seen more uncertain market conditions materialise since the end of last year, with buyers acting with a greater degree of caution following the mortgage market turbulence that followed the mini budget in September,” said Jason Ferrando, chief executive of easyMoney.
“This has been no different across the new-build market and all but one city has seen a reduction in demand when compared to the far stronger conditions seen this time last year.”
Southampton currently tops the table with 45 per cent of all new-builds currently on the market having already found a buyer, followed by Bristol (44 per cent) and Bournemouth (42 per cent).
Bristol has seen the largest quarterly increase in new-build buyer demand, up 15 per cent, followed by Southampton (seven per cent) and Leicester (four per cent).
Birmingham has seen the largest quarterly reduction, with a drop of six per cent, and Cardiff has seen the largest annual decline with demand falling 24 per cent year on year.
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“2023 has certainly started with an air of optimism and we’re now seeing this start to filter through, with demand picking up ever so slightly in the second quarter of this year when compared to the first quarter,” added Fernando.
“It will be interesting to see if this positive movement is maintained during what is traditionally the busiest time of year for the market given that the economic landscape remains a turbulent one, at best.”
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