Half of homebuyers would pay less for a brownfield new-build
The latest research from Warwick Estates reveals that while the majority of homebuyers would be undeterred about buying a brownfield new-build, more than half would want to pay less because it was developed on a brownfield site.
With the government finally turning their attention to brownfield sites to help solve the housing crisis, an estimated 160,000 new brownfield homes could soon reach the market.
Warwick Estates found that just 33% of homebuyers would be deterred from buying a home on a former brownfield site, with the majority (67%) unphased about the former life on the land they would be living on.
The biggest concern amongst homebuyers about brownfield plots is that the land may have not been developed appropriately. For example, there may still be contaminants in the soil despite strict rules around bringing these sites up to standard before development can begin.
Many buyers also stated their ability to sell the property in the future as a key concern, with industrial or undeveloped surroundings also cause for concern.
Warwick Estates also found that 55% of homebuyers would be more inclined to offer below market value for a home that was built on a former brownfield site. A cause of concern for developers and another potential hurdle when encouraging them to utilise these disused areas of land.