“The UK is in a housing crisis, and a lot of people don’t know it. In fact, by 2025 over one million new homes need to be built to match supply to demand, otherwise we will continue to see more people unable to find suitable housing.
The Government are currently failing to meet this target. The obvious answer here is to construct new property, however, buyers are not eyeing up new build properties as their home of choice.
FJP Investment recently commissioned a survey asking over 1,000 homebuyers their sentiments towards new build properties. 63% of those asked said that they found new build properties to be devoid of character, with 60% also stating there was an overall poor finish with new builds.
Whilst most new builds are sold unfurnished, there are a growing number of homebuyers willing to pay extra for a furnished property, particularly if this is done to a good, modern standard. With a 51% rise in people searching for ‘furnished home for sale’ on Google, developers are viewing this as an alternative way to improve the sale of property.
With buyers’ perceptions of new build properties being largely negative, the interior could prove to be an innovative way to improve the sale of new build properties, thus easing pressure on the housing market.
Having a home that is practical is becoming more and more important to homebuyers. As mentioned, we are seeing a rise in people wanting pre furnished homes and parking spaces, and the buyer is willing to pay more for this.
Many new build homebuyers are first time buyers, those that do not own furnishings yet. Although budget is a factor here, ultimately, the process of furnishing the house for a first-time buyer is more daunting than paying extra for a furnished property, particularly if the finish is to a good standard.
Equally, new build homes are being eyed up by second homeowners looking to rent the property out. Were the house to be furnished to a high standard already, a large amount of time is saved for the prospective landlord.
Moving into a new house is also an opportunity for the buyer to start anew. Buyers often want to move onto the next stage of their lives when moving into a new property, being able to move into a property that has been designed and furnished to a modern and high standard allows them to do just that.
This applies to the many that are eyeing up new build property, those coming out of relationships, for instance, will have a great sense of relief knowing they do not have to concern themselves about furnishing a house they are moving in to.
Having a furnished new build property works particularly well for downsizers that would not have had the space to fit the old furniture in their new property. Selling older furniture will also help in offsetting the additional cost of the fittings included with the new property, modernising at the same time.
The interior must be modern, practical and attractive. To achieve this, there are a handful of top trends with a focus on specific rooms and areas that developers should focus on for furnished new builds.
The kitchen gets daily use for most households. Developers need to focus on one particular area of the kitchen, this being high quality cabinets. This needs to not only be attractive but also practical.
Cheaper units will always look cheap no matter how much is invested in the rest of the kitchen, it is advised that developers do not cut corners here.
Engineered wooden floors will also stand the test of time, not only from a style point of view, but also the durability once the flooring has been engineered.
This is very important considering the seasons we experience in the UK, the flooring once engineered will not warp with the changing humidity. Considering the floor is made from real wood, it can also be sanded down and refinished if you decide to switch up the look.
The UK public have a love affair with comfortable living, and with this comes the need for a comfortable sofa. Investing in a versatile and desirable designed sofa that is comfortable and practical is not something that should be overlooked.
A statement piece, such as a chandelier, rug or painting will also have a positive reaction to those viewing the property.
Not only does a statement piece have a ‘wow’ factor, they serve other purposes. Taking a rug for instance, if the developer was to purchase a large rug it will help in making the room feel bigger.
When it comes to the interior design of a new build property, developers ultimately need to ensure that they are serving the needs of the demographic they are targeting.
Keeping the design modern but timeless will be essential and being smart with spending without the finish being ‘cheap’ will undoubtedly improve the popularity of new build properties.
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