Recent research commissioned by Spacepro Contract has revealed that the lack of storage space in new build properties fails to meet the requirements of three quarters of homebuyers.
New research has revealed an ongoing tension between what homebuyers want from a property and what is being constructed.
The research has revealed that over 60% of those planning to buy a house in the near future are hoping to secure one that is at least 10 years old, as older properties tend to offer more storage space.
76% of recent and prospective buyers have also revealed that they believe new homes are getting smaller; 75% prefer the spaciousness of older properties.
The research was commissioned by Home Décor’s new build division, Spacepro Contract. Conducted by Vision One Research, the report demonstrates the growing value of space efficiency and storage solutions in the homebuying decision.
The report has revealed that three quarters of purchasers are put off by new build homes’ lack of storage facilities; nearly half of homebuyers would pay up to £5,000 for appropriate storage solutions across a future home.
51% per cent stated that storage space was an important factor in their choice of property, with 10% ranking storage as the most important internal factor when buying a property.
Meanwhile, 66% of those living in new build homes voiced that they wished they’d considered storage when they purchased.
For those lacking internal storage space, 40% are using a garage or shed on the property, 31% a spare room and one in five have no solution, leading to untidy cluttered living.
This is a key issue raised in RIBA’s ‘Case for Space’ campaign and something that has been proven to have an impact on the well-being of occupants. This is particularly prevalent in new homes with 82% of those already living in new build homes having a desire for more storage space and over a quarter already utilising external storage options.
The research also reveals a significant opportunity for housebuilders with 66% of homebuyers agreeing they would pay more for a new home with adequate storage space.
The report encourages housebuilders to consider this when completing work on a new build project.
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