Build for world we live in

NewBuy 'has failed to have the desired impact so far'

The government's NewBuy scheme aimed at promoting new-build homes to UK buyers over recent months has so far failed to have the impact that many people had expected it to, a sector expert has claimed.

Robert Dibb, director at Advoco Financial, said the level of advertising for the initiative has not been what was expected and therefore not that many people are aware of the programme.

He commented: "We have done next to no NewBuy mortgages at all. An element of that is due to the fact that three or four out of the five lenders offering it are only offering it through direct channels as opposed to via intermediaries.

"In a sense, that is a bit odd because on those sorts of things, people need to seek advice."

Mr Dibb added that another factor in the lacklustre performance of the project so far lies in the fact many people are shying away from new-build properties at present, as people still have to pay a premium for this sort of home.

Resale continues to be a much bigger market in the UK and therefore new-build homes are remaining on the shelf in terms of their attraction to a wide-scale audience.

Anna-Marie DeSouza, editor of Build It magazine, recently revealed many UK homeowners are now choosing to ugrade their existing property rather than look to move up the housing ladder in the present financial climate.

She argued there has been a significant change in attitudes to property over recent years, with more people looking to do up their existing home as they look to maximise its value and their level of comfort in their present abode.

She commented: "In terms of adding value to your home and subtracting the amount of money spent to increase space, these two options are the most efficient and should see a good return on your investment when you come to sell." 

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