MFS recently commissioned a nationwide poll of 2,000 UK adults to gauge homebuyer sentiment towards both new-build and traditional properties. The ‘New Build v Traditional Real Estate: UK Homebuyers Decide’ report provides timely insight into the UK’s existing housing infrastructure and a critical examination of the Government’s approach to the nation’s property market.
The nationally representative research revealed an overwhelming preference among 81% of UK homebuyers for restored traditional properties over new-builds. Consequently, 79% of the respondents also said that they are keen to see the Government place greater emphasis upon refurbishment and restoration projects within its housing strategy, which remains heavily predicated on new-build homes.
Featured in City AM, The Negotiator, Global Banking & Finance and Mortgage Introducer, the research reaffirmed the need for both government and industry bodies to understand the sentiments of homebuyers towards the opportunities that exist across the nation’s residential real estate market. With MFS’ study demonstrating that the vast majority of homebuyers evidently prefer traditional properties over new-builds, new and creative solutions are required to alleviate demand for UK real estate and bring more of this category of property back onto the market.
There is tremendous value locked in a variety of properties across the nation; however, without the finance options in place to access refurbishment and restoration opportunities, this part of the property market is at risk of remaining dormant. For example, it was recently reported that more than 200,000 homes in England with a total value of £43 billion had been left vacant for at least six months in 2016 – meanwhile, it is estimated that 1.4 million residential properties currently sit empty across the UK.
To find out more about MFS’ latest research report, speak to a member of the team today. Alternatively, to find out how our FlipFinance2017 initiative could help property investors to access refurbishment and restoration projects, click here.