Figures released by both Zoopla in the UK and by Zillow in the USA show that demand for new builds is rebounding very strongly in the two countries. In the UK, the demand for new builds has rebounded 66% since the end of lockdown on the 13th of May and is outstripping the pre-crisis demand from the beginning of March with first-time-buyers thought to be fueling the upsurge. The Zoopla report shows that although there has been a demand rebound across the board, the recovery for pre-owned homes was significantly lower at just 46%. With an estimated 240,000 new homes needed each year to fulfill demand and only 108,000 built last year, the focus in the UK is very much on the construction of new homes.
According to market-leading US portal Zillow, the demand is similar across the pond. A recent report published by the portal’s research department recorded that the pageviews for new construction homes were up by 73% year on year for May. The report cites the purchaser’s option to customize characteristics of the home as a key factor behind the trend as well as the extra space offered in most new builds.