Demand for new build properties in Exeter has increased significantly amongst First Time Buyers in recent years, according to the latest data from leading new-home property website, newhomesforsale.co.uk.
The website, which lists 12 new build developments located in and around Exeter, has revealed nearly half [46%] of enquiries for new build properties in the area were from First Time Buyers during Q1 2024, which is an increase on the 31% recorded in Q1 2023.
This demand comes despite the fact the cost of average new builds in Exeter range from £305,545 – £479,000, being higher than the average property selling price of £282,000, according to the latest data from the Office for National Statistics [ONS].
Not only does this reinforce a clear and growing demand for First Time Buyers to get onto the property ladder despite volatile mortgage rates, but also showcases Exeter as an increasingly popular location for the new build buyer market.
Discussing this latest data, Vernon Pethard, Founder and Director of newhomesforsale.co.uk, said: “In working with housebuilders and estate agents in all regions of the UK, it’s clear to see which areas are seeing the most search demand – with Exeter becoming increasingly popular amongst First Time Buyers.
More and more First Time Buyers are attracted by new builds due to the low maintenance and running costs when compared to older properties.
Overall, although 2023 was a difficult year for the property market, search volume and demand still remained high, so I think 2024 will prove much more positive particularly with the growth in the new build sector – with Exeter set to come out as one of the UK’s leading locations for the First Time Buyer market.”
Established in 1998, New Homes for Sale features over 2,400 developments from national house builders, housing associations and estate agents from across the UK and has established an unrivalled position within the new build sector.
For more information and to find new homes in Exeter, visit: https://www.newhomesforsale.co.uk/new-homes/devon/exeter/
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