HOW MANY NEW HOMES DO WE BUILD A YEAR?
123,151 new-homes were registered in the UK last year (2020). That may sound a lot, but actually we hit an eight year low, down 23% on the prior year (2019) when 160,319 were registered . With a growing population the country needs at least 250,000 to be built every year for the foreseeable future.
Just to put this into perspective, if we look back, we were building over 400,000 in the early 1960s – that’s equivalent to building a city twice the size of Manchester.
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EVERY NEW-BUILD HAS TO HAVE AN INDUSTRY RECOGNISED 10 YEAR WARRANTY
Make sure that you receive your warranty details, and keep them in a safe place. These will be provided to you by either your solicitor or conveyancing agent. Then, take the time to read and understand them. The standards required of a builder constructing a new home are largely set-out by the warranty provider. So if you experience a problem with a new-build a good start point is to check the details of your 10 year policy to see what the developer is expected to do in such circumstances.
Always start by explaining clearly to your developer the nature of your problem and if it is a genuine build defect.
The developer will be obligated to put this right (as long as this was reported within the 2 years from legal completion date – this is known as the Builder’s Liability Period).
In the UK every new home sold requires a recognised 10 year warranty. This serves two purposes:
1. It protects the mortgage lender (as the mortgage is secured against the value of the property), and,
2. It protects the purchaser in the event that there are build problems affecting your new home in circumstances where the builder either cannot or will not make good.