Persimmon Homes

Is 2024 a good time to buy a new home?

Wondering whether 2024 is the right time for you to make a move? Find out why exciting offers and financial products mean it's an ideal time to buy a new build home.

To buy or not to buy? That’s the question on lots of minds at the start of a new year, especially for anyone getting ready to step onto the property ladder, looking to relocate or seeking more space for a growing family.

The housing market has been a challenge for many in 2023 - but what lies ahead for 2024?

After several months of housing prices falling, Zoopla predicts they will continue to fall 2% over 2024. With the added expectation that mortgage rates will also fall back to 4.5% by the end of 2024, and that affordability is set to improve, this could be good news for future home buyers. Meanwhile, Zoopla expects rents to rise 5% in 2024. Read more here. 

And some more good news...

It’s not just a steadying buying market that could make 2024 the right time for a move. Buyers of new build homes can take advantage of a number of other cost-saving factors, such as buying schemes, discounts and lower running costs, that aren’t typically available on older properties.

Read on to discover how you can save money on a new Persimmon home in 2024, to make your next step possible.

Great deposit schemes

One of the hardest parts of buying a home is saving up enough for a deposit, especially if you’re already paying rent each month. Fortunately, at Persimmon we offer several fantastic buying schemes specifically targeting buyers in need of help with their deposit.

If you’ve saved a deposit of 5% but are struggling to reach the 10% expected by most mortgage lenders, Deposit Unlock could be the solution for you. Using the scheme, both first time buyers and existing homeowners can secure selected Persimmon homes with just a 5% deposit, meaning you could buy your new home sooner than you think.

Or, if you have managed to save the 10% but would like to borrow less for your mortgage, why not use Deposit Boost. With this scheme we could boost your 10% deposit up to 15%, putting you in a great position to borrow just 85%.

Shared Ownership

Another great option to make a new home a reality in 2024 is Shared Ownership. It’s an ideal solution for anyone who’s not quite in a position to buy in the traditional way – for example, if you can’t afford the deposit and mortgage payments for a home that meets your needs.

With Staircase, Persimmon’s very own Shared Ownership scheme, you buy a portion of the home, and rent the remaining portion from our Shared Ownership partner RESI.

You only need to pay a deposit and mortgage on the portion that you buy, meaning a smaller initial lump sum to secure your home, and smaller mortgage payments. On the rented share, you’ll pay a subsidised monthly rent – meaning you’ll be renting for below market rate.

Along with the fact that you can buy more shares in the home over time until it’s yours completely, this provides a brilliant alternative if you want to get on the property ladder in 2024 but are unable to buy in the usual way.  

Save money on bills and repairs

It’s not just house prices that can cast doubt on whether you’re able to buy. The current high cost of living means that the affordability of running a house can be a real challenge, from keeping up with energy bills to staying on top of repairs and maintenance.

That’s why buying new could be the smart choice. A 2023 report published by the HBF (Home Builders Federation) found that buyers of new build houses save an average of £183 per month on energy bills compared to similar older houses. The report noted that overall, new housing uses 55% less energy and emits 60% less carbon than older homes.

You can also save a lot with a new build when it comes to home improvements, as another HBF report found that it costs a whopping £73k to bring the average older home up to new build standards. This means that along with the 10-year insurance-backed warranty that our homes come with, you stand to make a great saving when you choose to buy new.

With all this said, 2024 could be just the right time for you to take advantage of what’s on offer and make a move to a beautiful new home. And when you do, we’ll be here to support you through the journey.

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