February brings fall in new-build sales

Data from analyst TwentyCi shows that sales of new-build properties fell by 24% year-on-year in February, while sales for second hand homes were down 18%. Experts noted that many new-builds are geared toward first-time buyers, who are heavily reliant on mortgages as they have smaller deposits. Moneyfacts data shows that the average two-year fixed mortgage rate has nearly doubled from 2.85% to 5.35% in the past year. The Help to Buy scheme has also ended, making it harder for first-time buyers with small deposits to buy.

The Daily Telegraph (12/04/2023)