Shared ownership drives a surge in new build enquiries for Just Mortgages
The new build division at national brokerage Just Mortgages has reported a bumper start to the year, with new build leads and enquiries up 40% year-on-year.
In addition to a strong start compared to 2023, the team at Just Mortgages has seen a month-on-month increase in enquiries across its new build division. In fact, in the first full-week of the year, lead numbers were as much as 60% higher than its weekly average – a trend which has continued throughout January and into February.
The team has attributed the surge in enquiries to rising demand for the shared ownership scheme, as well as increasing efforts among developers to make accommodations to support purchasers. The biggest demand for shared ownership has been seen in the areas most impacted by the loss of Help to Buy, particularly in and around London.
Paul Wilson, head of new build at Just Mortgages, said: “Despite the challenges in the market, it is hugely encouraging to see increasing demand for new build. There’s no question home ownership is still a clear aspiration for many and we must do all we can to nurture and support this. It’s been fantastic to see a real proactive approach among our developer partners, who remain keen to support deals and create opportunities to get properties sold.
“A big driver has also been shared ownership, which gathers more momentum with every week. While a slightly different proposition, it is certainly filling the gap left from Help to Buy and is supporting a growing number of people in making that step onto the property ladder. Our team of advisers continue to increase education around the scheme, while the number of properties, lenders and housing associations supporting it only grows too.
“To meet this growing demand, we have big plans for the division to increase both our adviser head count and our relationship management team, as well as expanding our partnerships with developers, housing associations and trade bodies across the country.”
Shared ownership and other affordable housing initiatives will be on the agenda as Just Mortgages returns with its New Build and Affordable Housing event. Entering its third year, the event will take place on Thursday, 25 April at St Mary’s Church in Marylebone, and promises to be the biggest one yet.
Alongside panel discussions, speakers already announced include Frances Haque – the chief economist at Santander, David O’Leary – executive director at the Home Builders Federation and Alex Rose of Zoopla.
John Doughty, chapter managing director at Just Mortgages, said: “The last year has been incredibly turbulent for the housing market, and the new build sector has been no exception. Whether it’s rising interest rates and tougher affordability, or the growth of affordable schemes and the continued shift to a partnerships model, there is plenty to discuss. The tremendous activity we have seen at Just Mortgages so far this year demonstrates how important it is we bring together all the key players from across new build to map out the direction of travel for the sector and how we all can best support buyers.”