🏡 New Builds Up for Grabs? Not Likely! 🏡
Ever noticed all the new homes popping up and assumed they’d be up for grabs soon? Think again! Latest figures show that a mere 1 in 10 newly built homes makes it to the open sales market. The rest? Snapped up by landlords, developers, or reserved for other schemes.
With around 200,000 new homes built in England in 2024/25, only about 21,261 were available for the typical homebuyer. And if you’re in London? Worse – just 2% find their way to the market! 😲
This trend is making many feel they’ll never get on the property ladder. A poll reveals:
– 44% say there aren’t enough properties for purchase.
– 46% feel that new builds target investors, not locals.
– 36% are convinced they might never own a home.
Why’s this happening? Sky-high costs and wages that don’t keep up are part of the story. Yet, 15% say renting suits them just fine, embracing a more European lifestyle.
Who’s to blame? Many (57%) think the government should step up to ensure more homes are available. Plus, there’s strong support for more help for first-time buyers (46%) and tighter rental regulations (27%).
Riccardo Iannucci-Dawson, CEO of Alto, points out: “There’s a big desire to own homes, but those opportunities are fading. Many properties aren’t even entering the open market, which closes the door for many potential homebuyers.”
The scarcity isn’t just in London:
– North West: 7.51%
– North East: 8.49%
– East of England: 9.67%
– South East: 10.10%
– East Midlands and beyond fare a bit better, but still…
Feels like we could be shifting to a nation of renters! What do you think? Would you prefer owning or renting? Let’s chat in the comments! 🏠💬
(Images: Getty Images)