27th February, 2023

Are you in the process of looking to purchase a new home? We know that buying a property, whether you’ve gone through it before or you’re a first-time buyer, is an exciting time and a huge achievement, but it can also be incredibly daunting.

New Homes Week 2023, a campaign created by the Home Builders Federation (HBF), is taking place between 27th February and 3rd March. The campaign will primarily focus on promoting the benefits of purchasing a new build home, as well as supporting and encouraging prospective buyers to ‘make their move’.

Given the times that we’re living in, with the cost-of-living crisis and household bills that are seemingly ever-rising, it’s no surprise that there’s a lot of uncertainty in the housing market at the minute. So, this New Homes Week, two of the HBF’s main focuses are:

Save on bills with an energy efficient new build

Research collected by the HBF throughout 2022 found that new build homes tend to have a higher Energy Performance Certificate (EPC) rating than older properties, with 85% being rated either A or B.

The higher a properties EPC, the more energy efficient it is. Simply speaking, this means that the property requires less energy to run and will help to save on your household bills.

In June of 2022, the UK government introduced new regulations to work towards the ‘Future Homes Standard’ which they plan to introduce in 2025 – these new regulations mean that homebuilders need to build homes that use less energy and produce less carbon emissions. So, moving forward, new build homes will continue to be a more viable option for those looking to purchase a home that doesn’t cost the earth to run.

Schemes and incentives available to buyers

Although Help to Buy, one of the better known schemes in England, is no longer running, there are still various schemes available to support both first time buyers and those who already own a property and are looking to move.

One of these schemes is Deposit Unlock, which gives buyers the option to purchase a new-build property with just a 5% deposit and a 95% mortgage, opening up more opportunities for those who may be struggling to save enough money for a larger deposit.

Another type of scheme which is available to both first-time buyers and current property owners are ‘green mortgages’, which is designed to incentivise people to purchase an energy efficient home with lenders offering preferential terms. Given that most (85% of) new builds have an EPC rating of A or B, this makes them an ideal purchase for those looking to benefit from this scheme. Not only a cheaper property to run, but also a more favourable mortgage – win-win!

For further guidance and support when it comes to buying a property, our expert team at One Call Mortgage Hub have rounded up some of their own top tips…

Be realistic

It’s easy to get wrapped up in the idea of owning your dream home – we’ve all done it! But remember to stick to a realistic budget and make sure that you can afford it once you’ve factored in additional expenses like furnishing the property, plus long-term costs such as monthly bills and home insurance.

Check (and improve) your credit score

The process of applying for a mortgage will include a credit score check, so don’t forget to make a conscious effort to improve and maintain a good credit score.

Ask questions

Don’t be afraid to ask as many questions as possible – especially during the house viewing stage! A house may seem perfect on first impressions, but what are the neighbours like? If you have children, what’s the local school like? Can you negotiate on the price?

It’s the age old concept of ‘if you don’t ask, you’ll never know’. So, it’s better to ask a hundred questions than ask none and regret it later down the line when something crops up that you wish you’d known about sooner.

If you’re looking to start applying for a mortgage, whether you’re a first-time buyer or already own a home, our friendly team of mortgage advisors at One Call Mortgage Hub are always happy to help.


Written by: Shannan Errington

*Please note that the above information has been gathered through secondary research. The information provided is not based on our opinion. You should seek further guidance and information before making an informed decision.

*Your home may be repossessed if you do not keep up repayments on your mortgage.

Sources:
https://new-homes.co.uk/new-homes-week-campaign/
https://www.hbf.co.uk/news/new-homes-week-27-february-3-march-resources-live/
https://www.hbf.co.uk/documents/12297/Watt_a_Save_Report_Feb_2023_-_Final.pdf
https://www.futurehomes.org.uk/overview-of-changes#:~:text=New%20regulations%20from%2015%20June,England%20on%2015%20June%202022