Homebuyers can avoid getting stuck in a costly bidding war by opting for new-build properties, according to housebuilder Bellway Durham.
New research has revealed that one in eight homes sold for more than the original asking price in August, as the housing market heated up following the introduction of the Government’s stamp duty holiday.
NAEA Propertymark’s August Housing Market report found that 13 per cent of buyers paid above the initial asking price for their home – the highest figure since November 2015.
Debbie Foster, Head of Sales for Bellway Durham, said: “One of the biggest benefits of buying a new-build home is that you won’t pay more than the asking price.
“This can quite often happen in the second-hand property market, with buyers finding themselves in a bidding war to secure their dream home.
“With the stamp duty holiday on homes under £500,000 driving demand and increasing competition in the housing market, it is likely that many buyers of second-hand properties will be spending more than they originally planned for some time to come.
“There are many other advantages to buying a brand-new home. One of these is the opportunity to enjoy a house that hasn’t been lived in by anyone else before, so you can really make it your own.
“Then there are the lower levels of maintenance and cheaper energy prices due to better insulation when compared with older buildings, not to mention the peace of mind that comes with having a 10-year warranty.
“But the icing on the cake has to be that you can expect to pay the price that is advertised.”
Bellway Durham is currently building at developments across Teesside and County Durham.
For more information, visit bellway.co.uk.