Whaaattt?

@gks It's a big generalisation to say young first time buyers prefer new builds. Both the house next door to us, and the one beyond that, were purchased by first time buyers. Both couples have put a huge amount of time and effort in updating the properties which were built in the 1930s. One of the couples is still doing work on the place over a year and a half after moving in.

 

When we moved into our current house, nearly 40 years ago I ripped out and replace the kitchen. I also did all the decorating and added additional electrical sockets. Laid 240 paving slabs to create a patio and path the length of our 150 foot garden.
Now there's no chance of me doing the work myself. I'm simply not physically capable at age 75.

 

It was pretty much always the case that first time buyers bought fairly rundown properties with a view to improve them and sell in a few years at a higher price.

Lots of people started out on two up two down victorian terrace houses, working on them weekends and evenings.
Nothing grand with kitchens and bathrooms worth thousands.

 

You've had a 40 yr return for your efforts!

Round here almost all the housing for sale is new build. An older house has a rarity value. Usually higher ceilings, larger rooms, a bigger garden, on a street rather than within an estate (with management fees, etc), nearer schools, nearer the town centre, not strung along the busy A road, not built on old gravel pits - all these factors make them desirable.

 

My NDN's son left home a couple of years ago at the age of 24 or thereabouts. He and his partner bought an old property and have been doing it up themselves. His parents have always had old houses so perhaps sometimes it's a case of what you are used to as you grow up.
My first house, bought in 1972, was a Victorian end of terrace which had seen better days. Never bought a new build and looking at what is going up around here, I wouldn't be tempted but each to their own. The historical aspect of old houses can prove interesting too but not everyone is bothered about that.

 

So, mortgage lenders are wrong then, the younger generation and baby boomers who are down grading are not preferring new builds then. The main reason for them preferring new builds is low maintenance, warranties and more energy efficient with demand surging. But there is a difference between preferring and actually being able to own.

 

Research by Skipton Building Society:

First-time buyers prefer New Builds: Research reveals shifting preferences and pressures.

 

In France young couple and retirees seem to prefer new builds but there are strict building standards here about insulation, heating methods, water storage and flood management so such houses are cheaper to run than old stock. Building costs and the availability of experienced builders and trades make converting or renovation old houses very expensive even with available subsidies.

There's an awful lot of old houses sitting empty after people die because a) Napoleonic laws about inheritance mean all inheritors have to agree to share or sell and share b) aforementioned costs and complexities of renovation.

 

@Obelix-Vendée Surprised to know that those inheritance laws are still in place in France. We fell foul of that once - 2 inheritors who basically hated each other and wouldn't come to an agreement.

 

So if everyone wants new build houses you can get some idea where the problems lie.

Redevelopment needs to take place but it would be expensive compulsory purchasing whole areas of victorian housing only to demolish them and build new.

So we grab the green fields.

They have just demolished a whole lot of 1950s built houses and flats, two storey, around here and cramming in lots of houses, there wont be a blade of grass in sight once finished, the shopping area is also going later and a new one built, a pretty high imposing structure in the plans.

Parking looks a bit inadequate as well, so I suspect they will all be parking where I live, before you know it we will have parking permits just like in the town.