According to Skipton Building Society’s research, which surveyed around 1,000 prospective first-time buyers, the appeal of new builds lies in modern conveniences, cited by 53%, energy efficiency, at 37%, and a chain-free transaction, at 31%.
Over half of those surveyed said the ease of moving into a ready-made home was a key attraction of new builds.
Nearly a quarter said it was crucial to have outdoor space and 19% said the quality of construction would be key in their decision to buy the property.
However, more than half of respondents said they didn’t believe new builds in their area were affordable, and nearly a third said saving for a deposit was their biggest challenge.
Skipton Building Society said its Track Record mortgage would help renters with little or no deposit and it went up to 95% loan to value (LTV) for new-build houses and flats.
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According to Criteria Brain, of the 77 lenders listed under ‘flat or maisonette maximum LTV’, only seven lenders offer up to 95%.
Looking at the maximum LTV for houses and bungalows, 27 out of 80 lenders listed go up to 95% LTV.
Skipton Building Society also offers nine-month offers as standard, with a three-month extension available to accommodate longer new-build completion timelines.
The society also supports visa applicants at 90% LTV, offers off-plan valuations at no charge for properties under £1.5m, and applies no application fees on any products, with no completion fees on selected products.
Jonathan Evans, new-build lead at Skipton Building Society, said: “Our aim is simple. To be transparent, reliable and provide mortgage options that make sense. We know that affordability and deposit barriers are real concerns for many first-time buyers, especially in the new-build market.
“That’s why we’ve developed solutions like our Track Record Mortgage and 95% loan-to-value (LTV) products, to help renters and aspiring homeowners take that crucial first step.”
He continued: “By listening to brokers and understanding the challenges their clients face, we’re building a proposition that’s not just competitive, but genuinely supportive. Our lending criteria [are] designed with brokers in mind, clear, flexible and built to help them place more cases with confidence.”
