Why Buy New, Why Buy Now

Buying a new build home offers an array of benefits that can significantly enhance your lifestyle and financial well-being. As we navigate the current market, there are compelling reasons why now is the ideal time to invest in a brand-new property. Here are five key reasons to consider buying a new build home and why acting sooner rather than later can be advantageous.

1. Save on Energy Bills with a New, Energy-Efficient Home

Our new build homes are designed with the latest energy-efficient technologies, meaning you can enjoy significant savings on your utility bills. On average, a new Bancon Home can save you £2,510.73 each year* compared to older properties. These savings come from modern insulation, double glazing, and energy-efficient heating systems that keep your home comfortable without the high costs. Over time, these savings can add up, making your new home not only a smart investment but also a greener choice.

2. Enjoy Incredible Incentives Unavailable in the Second-Hand Market

When you buy a new build home from us, you can benefit from a range of incentives that you won't find in the second-hand market. These include:

• LBTT Paid: Save thousands on the Land and Buildings Transaction Tax.
• Mortgage Deposit Contribution: Significant contributions can boost your savings and reduce your upfront costs.
• Part Exchange: Simplify your move by trading in your current home.
• Own New Rate Reducer Mortgages: This scheme allows anyone buying a new build home access to more affordable fixed mortgage rates and repayments.

These incentives can save you tens of thousands of pounds, making a new build Bancon home a financially savvy choice. The second-hand market simply can’t compete with the value and savings these offers provide.

3. Avoid Bidding Wars and Pay No More Than the Listing Price

One of the most stressful aspects of buying a home in the second-hand market is the potential for bidding wars, which can drive up the price and strain your budget. When you buy a new build, the price you see is the price you pay. There’s no need to worry about overpaying or scrambling to find extra funds at the last minute. This transparency and certainty make the buying process much smoother and more predictable.

4. Perfect for First-Time Buyers

New build homes and apartments are particularly attractive for first-time buyers. With various incentives designed to boost your deposit, or give you access to more affordable mortgage rates, getting on the property ladder has never been easier. Instead of spending your hard-earned money on rent each month, you can put those payments towards owning your own home. With the average monthly rental for a 2-bedroom apartment in the AB10 area exceeding £800*, stepping into homeownership has never made more sense. Thanks to the Own New – Rate Reducer program, you can enjoy lower mortgage interest rates and reduced monthly payments. Imagine owning an apartment at the Aspire Residence for as little as £674.56** per month.

What’s more, when you buy a new build home with us, you get a two-year Bancon warranty and five-year NHBC warranty. Covering any immediate snags, providing peace of mind and allowing you to focus on building your future.

5. Take Advantage of Low Mortgage Rates

Now is an excellent time to buy, thanks to affordable fixed mortgage rates.

UK fixed mortgage rates have fallen from the Summer of 2023 offering a much more affordable entry into the property market. Today’s fixed rates are significantly lower, meaning you can lock in a better mortgage deal and enjoy more manageable monthly payments.

Why Act Now?

With these compelling reasons, it’s clear that buying a new build home offers unmatched benefits and value. Whether you’re looking to save on energy costs, take advantage of special incentives including Own New Rate Reducer or deposit contribution, avoid bidding wars, or make your first step onto the property ladder, there’s no better time than now to invest in a new home.

"The combination of current mortgage rates and the unique incentives offered by new build homes creates an unparalleled opportunity for buyers," says Gail Reid, Mortgage Broker from Gail Reid Mortgage Services. "This is a fantastic time to secure a new home with financial benefits that could save you significant money and stress in the long run."

Don’t miss out on these opportunities—start your journey towards owning a new build home today and enjoy the many advantages that come with it. Call 01224 900 142 or email sales@bancon.co.uk for more information.

*Source https://www.hbf.co.uk/documents/12053/Watt_a_Save_Report_Feb_2023_-_Final_nW9oUaX.pdf

*Source ASPC. Prices correct as of 19/06

**Based on a purchase price of £227,995 with an Own New Rate Reducer 75% mortgage for 35 years at 3.19% fixed until 01/10/2026. Savings made in the initial fixed period. Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your home may be repossessed if you do not keep up your mortgage repayments. Rates valid as of 20/06/2024.