Buyers move further for new builds
Buyers of new build properties are willing to move 56% further than those purchasing second-hand homes, according to Savills1. New builds are clearly a more attractive proposition for buyers, drawing households an average of five miles from their previous home, against 3.2 miles for households moving into an older property.
The research also revealed regional and age-specific variations. For example, new builds in London boroughs such as Newham and Brent stand out for attracting buyers up to 3.5 times further, while older buyers tend to move further overall, likely influenced by retirees moving away to begin a new phase in their lives.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.