Resilient new homes market makes strong start to year

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We’ve bid farewell to 2023 and are already seeing strong signs that the housing market is picking up in the first few weeks of the New Year, as mortgage rates stabilise, and house-buyers begin to look at the new homes that are available.

According to property website Zoopla, buyer demand is rising – up by around 12% on a year ago. While mortgage rates remain higher than we had all become used to, the fact that borrowers can now find deals at interest rates below 5% has helped make some people decide that 2024 is the year to buy.

This rings true for our developments in Exeter, Bude and Holsworthy, where construction work continues and the appetite for new homes remains consistent.

At Broadleigh Park in Tavistock, which was shortlisted in last year’s Housebuilder Awards, and Oak Mount in Hemyock, Mid-Devon, demand has been high – but there are still a few properties left on each site.  An open house event is planned for Oak Mount in March and all construction work on both developments will be completed later this year.

At Bellevue in Bude and Market Place, Holsworthy we are also holding buyer events, we have open house events planned for the 1st and 2nd of March, allowing home seekers to spend time in the properties – a try-before-you-buy opportunity.

We know how daunting it can be to take the first steps on the housing ladder.  It’s the biggest purchase most of us will make – and creating a home is so important.

To help as many people as possible to take that all important first step on the housing ladder, or move to a new home that better suits their needs, whatever stage of life they are at, we continue to offer a range of buying schemes.  These include Forces Help to Buy and the Key Worker Discount.

For those buyers who are already homeowners, but looking to move, there is also some excellent support available, through our Part Exchange and Move Assist schemes.  I would encourage buyers talk to our sales teams on site to find out more about how we can help.

The housing market had a difficult year in 2023, due to a range of external factors over which housebuilders had no real control.  But the attraction of buying a new property, with all the advantages of lower running costs, sustainability and up-to-the-minute facilities, mean new-build homes continue to be excellent options for first-time buyers, families trading up or those who are downsizing.

This year promises more challenges, with a general election and the inevitable uncertainty that brings.  So far, however, we’ve seen the resilience of the housing market here in the South West and we remain ready and able to meet demand, with preparation for construction work underway for four new developments and many more in the pipeline.