With the credit crunch impacting the UK mortgage market, residential developers are being more flexible in a bid to attract buyers, according to Kent property experts RPC Land and New Homes. First-time buyers, who may not have cash for a deposit, have been hit hardest by the recent policy of banks and building societies to tighten their lending criteria.

However, according to RPC’s New Homes Area Director Sue Taylor, there are other options if the bank says no. She said: “We are seeing developers in the new homes sector be creative and much more flexible in their approach to selling. The days of 100 per cent mortgages may have gone but developers are offering lots of incentives such as a 5 per cent deposit or help with repayments that could aid first-time buyers.

“There are not only incentives available to first time buyers but to purchasers, who may have only looked at the second-hand market and not considered a new home. There are a lot of deals to be done and other incentives such as stamp duty or legal fees paid.”

New homes offer many other advantages over second hand properties and not just in terms of finance. These include:
• Ease of maintenance – new properties do not require as much upkeep as older homes.
• Customisation – owners can often choose everything from paint colour, cabinets and countertops to carpets, plumbing and lighting fixtures.( subject to build)
• Community – new developments are planned to maximise space and facilities and create a new community of like-minded people.
• Floor Plan – second hand homes may have been built to living styles of 50 years ago or longer. New homes are built to reflect modern living and are more flexible.
• Energy efficiency – materials used in today’s homes are far more effective at reducing energy costs than resale homes. Some developers go further and recycle water or provide renewable energy systems such as solar or wind power.
• Safety – older homes can have hazardous materials such as asbestos, lead-based paint or faulty wiring. A new home is subject to current stringent building standards.
• Technology – retrofitting an older home can be difficult. New homes are designed with this in mind and many boast surround sound or wireless internet access.
• Warranties – new homes come with a complete warranty and peace of mind.

Sue added: “There has been a perception that new homes are more expensive than the second-hand market, however, this is not always the case and with the incentives and advantages they offer, overall, a new property tends to be much better value for money.”

RPC Land and New Homes has specialist centres covering West Kent, Mid Kent, East Kent, Thames Gateway as well as East and West Sussex.

For further information visit www.rpcnewhomes.co.uk or to discuss individual needs call Sue Taylor on 01622 691911 or e-mail s.taylor@rpcnewhomes.co.uk.