Historically, it was common for first-time buyers to make their first property purchase from the supply of existing stock around the nation.
This would then reflect the buying pattern for their ongoing purchases as they move up the ladder.
However, since the Government announced various home-buy schemes such as the recent £130 billion Help to Buy scheme in this year's Budget, it is highly likely that more buyers, not just first, will buy into new build properties.
To re-cap, the Help to Buy initiatives will "support people who have at least a five per cent deposit" to buy a home through two schemes and the aim of this is to increase the supply of low-deposit mortgages and new house building.
Help to Buy is made up of two schemes – an equity loan where the Government will loan you up to 20 per cent of the value of your new build home, and mortgage guarantee where lenders will be incentivised to make more mortgages available for people with small deposits.
So, when looking at the question of old versus new, there really is no right or wrong answer and it all comes down to personal preference and circumstances.
One of the first things you'll need to weigh up is cost. The Government incentives allow you to buy a home without having to stump up a large deposit – you will only require five per cent – and this is very much a positive. Clearly you must therefore look at what you can afford from a monthly repayment perspective.
Buying new can have the advantage of being far less stressful. When purchasing this way, you will be working with a team dedicated to home sales, and because no-one has to move out, the process is far slicker, with no chain to contend with.
Another issue will be that of energy efficiency. New homes come with insulation and double glazing as standard.