Among Savills new build buyer client base, there is a fairly even split between those in their 30s, 40s and 50s which make up the bulk of buyers. The over 60s account for 17% of our buyers and under 30s, 12%.

Most (71%) are looking to buy their main residence. However, 21% are buying for investment and 8% as a second home. Across the country the split of sales between flats and houses is 70-30, but certain locations are hotspots for new build houses – Northwood, Summertown, Winchester, Norwich and Sevenoaks.

The over 60s are playing an important part in the regional new build market according to our survey of 426 Savills applicants for prime property outside London. Although 44% of those questioned said they were willing to buy new build, new homes were more popular with older rather than younger generations. Over half of those aged over 60 said they would buy new compared with 31% of 30 to 39 year-olds.

Suburbs topped the list of locations favoured by buyers of new build. Beyond that, there was a considerable difference among the age groups in terms of features sought.

Security was also deemed more important by older buyers, with over half 
of 60 to 65 year olds judging it a key attribute. One surprising result was that new technology was more of a selling point to older buyers, with 29% of over 60s noting it as a key feature against 15% of under 60s.

The top two specific reasons buyers gave for wanting to downsize 
were “easier to manage” and “lower maintenance costs”. Upsizers were most keen to get more outside space (71%) and ground floor space (57%), with only 31% looking to move to a larger property due to a growing family.

Taken from
Spotlight: What's Next for Residential Development?