New home construction a less attractive option than before, says ING

Many potential home buyers currently think new homes are a less attractive option than a year ago. They now find newly constructed homes to be relatively expensive compared to existing homes. They are also concerned about the long delivery time needed, according to a report on the housing market released by ING this week.

Buyers fear the home will be worth less money by the time it is delivered. Respondents are also hesitant about the possibility of buying a home before their current home has sold, thus facing double housing costs. In addition, they fear that a more suitable home option will pass them by in the time that they have to wait for the delivery of a new home.

Nevertheless, a new-build home is an attractive choice for 61 percent of those surveyed. "Especially because it will be better insulated, has no overdue maintenance and is generally more sustainable. Sustainability and energy saving are 'hot topics' in the housing market," said ING.

The bank's market experts also note that confidence in the housing market has increased. The housing index that ING calculates on the basis of its own research has risen for the first time in a year and a half, from 81 to 85. "Particularly among first-time buyers, confidence in the housing market is increasing."

ING surveyed more than 1,000 people for the survey. The survey period took place during the first quarter of this year.