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.