- Survey: Ancient homes preferred
- New builds criticized for quality
- Trust in housebuilders low
Over half of the 2,000 Britons surveyed by the Chartered Institute of Building believe that ancient homes are superior to new construction.
Sixty percent of those surveyed stated they would not purchase a new home, while thirty-two percent perceived new homes to be of “poor quality.”
New constructions are deemed “overpriced” by 41% of respondents, whereas 48% believe they “lack character.”
In its report, the CIOB determined that the mean asking price of new homes is £368,231.
The survey participants cited issues such as inadequate construction, structural flaws, concealed expenses, and the absence of adjacent infrastructure.
According to the CIOB, some CGI images utilized by developers during the planning and sales phases were “far removed from the final product.”
33% of respondents reported a ‘low level of trust’ in the capacity of housebuilders to produce new dwellings of appropriate quality.
Notably, within the past year, 11% of the 659 respondents who lacked trust in housebuilders had acquired a newly constructed residence.
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Perceptions and Realities of New Home Quality
“Ultimately, the perception of substandard housing has caused some to be hesitant to place their trust in housebuilders to fulfil their obligations,” stated the CIOB.
It further stated, “A considerable portion of the responses is concerned with issues pertaining to substandard craftsmanship. Construction experts’ competence has generated apprehension due to widely publicized errors, despite efforts to prioritize quality throughout the construction process.”
The author of the CIOB’s report, David Parry, stated, “Our research indicates that the prevailing perception of newly constructed homes is that they are of poor quality, which discourages many individuals from considering purchasing one.”
Nevertheless, the reality is that quality has increased, he continued.
According to Parry, newly constructed structures are more energy-effective and must adhere to stricter regulations.
The national new home consumer satisfaction survey conducted this year by the Home Builders Federation and the National House Building Council revealed that 95% of respondents reported issues with their home to the builder after moving in, with 32% noting 16 or more defects.
The CIOB reported on Thursday that this 32% represented an increase of seven percentage points compared to the number of individuals reporting 16 or more defects in 2021.
The construction industry has the potential to be highly profitable, and numerous developers benefited from the assistance-to-buy programs implemented by the government, which stimulated sales and increased prices.
In contrast, the housing market decelerated in early 2019 in response to the Bank of England’s ongoing series of interest rate increases, which have been in progress since December 2021 to curb persistent inflation.
For instance, in September, Barratt Developments disclosed a decline in demand of one-third due to the mortgage crunch, which was a direct result.
The Conservative Party pledged in their 2019 manifesto to construct 300,000 dwellings annually in England.
Housing Secretary Michael Gove is reportedly on the verge of instructing councils not to construct new homes on the green belt if doing so would substantially alter the neighborhood’s character.
