Mortgage approvals hit new high as buyers relish low interest rates

Following recent news that UK mortgage approvals hit a nine-month high in summer 2018, coupled with interest rates remaining abnormally low, potential home buyers in the heart of Sussex have a great opportunity to land their dream new home.

Christine Tiernan, Sales and Marketing Director at Crest Nicholson South: “Mortgage interest rates in 2018 have continued to stay low, allowing more and more buyers in the south to get onto the property ladder. New build homes are an attractive option to many buyers – offering benefits, such as subsidies like the government’s much lauded Help to Buy scheme, energy efficiency and cheaper running costs.”

So why buy new?

Christine Tiernan, Sales and Marketing Director at Crest Nicholson South shares the five key advantages of choosing a new build home for your next move:

1. No chain

According to a survey by Which? In 2017, around three out of ten property purchases in the UK collapse, at an average cost of nearly £3,000 to each buyer. And with one failing link in the chain risking the Property hunting in Sussex? – Mortgage approvals hit new high as buyers relish low interest ratescollapse of the whole property chain, it’s a major consideration.

Downward chains can be one of the most frustrating experiences when buying a house, with one in three sales falling through after the offer price has been accepted. One scheme offered by Crest Nicholson to break the chain is part exchange, which removes complicated chain delays, agency fees and guarantees a cash buyer. New build homes also come with the added benefit of having no upward chain to consider. This means the whole process is much less stressful and often quicker than a second-hand purchase.

2. Peace of mind

All new-homes are independently assessed during construction and covered by a 10-year warranty. Home security and low-level maintenance are built in from the design stage and every home undergoes a stringent ‘fit for purpose' inspection prior to occupancy.

3. Value for money

New homes are built to a much higher specification than the majority of older homes, so you often get more for your money. They have central heating, double-glazing, floor and wall insulation as standard. Other features also including fitted kitchens with integrated appliances and stylish bathrooms.

4. Tailored to your lifestyle

New homes are built to make use of every inch of space. Often in older properties, with dated layouts, living space goes unused. New homes on the other hand provide large flexible living spaces than can be tailored to your lifestyle. Whether you’re single, a couple, a growing family or retired, you will find the right layout for your needs.

5. A sustainable choice

The average new home is up to four times more energy efficient than a traditional second-hand home. New homes have excellent insulation and the latest energy saving appliances. This means they have lower running costs compared to traditional homes.

And finally, have they’re ready to move in and you have the freedom to make your own choices

One of the core benefits of a new home, is just that, it is brand new. This means that they’re ready to move in and to enjoy without any concern about what has been glossed over by previous owners. Residents need not worry about renovations or making do with previous residents’ decisions. When moving into a brand-new home, residents can focus on making their house their own straight away.

Christine Tiernan, Sales and Marketing Director at Crest Nicholson South continued: “Home ownership is an important ambition for many people and likely the largest investment most of us will make in our lifetime. However, many of us are not aware of the many benefits of buying new. Our Kilnwood Vale development in Faygate has a number of different house types to suit all needs.

“We encourage anyone interested in learning more to contact the Crest Nicholson sales team on 01483 611 001 or pay us a visit on site.” 

Crest Nicholson’s Kilnwood Vale development in Faygate is offering great deals for first time buyers, second steppers, investors and downsizers. The refined collection of two, three and four-bedroom houses, together with two- bedroom apartments, has something to suit all needs. 

Take the leap

The Crest Nicholson sales team is always available to talk to potential buyers about the advantages of buying new. For more information on mortgages, please visit the Crest Nicholson website at


October 2, 2018

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