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Stocktake of the British Housing Industry

The Home Quality Mark (HQM), the independently assessed mark of distinction for new homes, has uncovered the true meaning behind consumers’ house purchasing decisions.

Taking stock of British real estate, HQM has found some intriguing factors that newly appeal to UK consumers, which perhaps are very different to decades past.  With 67% citing the main concern being the community where a home is located, it certainly puts in perspective how home purchase decisions have evolved overtime.

The Home Quality Mark is becoming the 'Tripadvisor' for new homes

The Home Quality Mark is becoming the ‘Tripadvisor’ for new homes

Rather than concerning themselves with luxury bathrooms and kitchens, which were somewhat ostentatious in the 1980s, British society has now become obsessed with rising quality of where they call ‘home’.  78% of Brits feel high standards of workmanship is very important or a necessity and even daylight levels have come into question with 71% ranking them as a high priority[1].

That said, although consumer demand for quality structures is high, it seems a limited number of individuals place an equivalent high level of trust in housebuilders, with only 10% feeling comfortable on this issue.  Consequently, if given the choice, consumers will now pay a small premium for a home with a recognised quality certificate; looking for authoritative advice when making purchasing decisions and assuring sought after high level of quality is achieved.

These findings are taken from an HQM survey of 700 British consumers in Summer 2016,  conducted via an online poll.

Sometimes referenced as the ‘TripAdvisor’ of the property market, given its ranking of new build properties, HQM is urging housebuilders to provide quality offerings in line with this growing consumer taste.

Gwyn Roberts, HQM project lead, says “Consumers are embracing a wide range of social, environmental and economic needs and together, we need to better consider these factors to aid said purchase process.  It’s interesting to see how consumers’ preferences evolve and adapt and we want to encourage even more consumers to consider buying and renting better designed, healthier, smarter and cheaper to run homes.  Over 4000+ homes are now registered under HQM and the ‘movement’ for better homes is growing among progressive housebuilders.  We’re keen to help this continue, supporting this ever-growing focus on quality, quality, quality”.

HQM has been acknowledged as a vital tool to assist purchasers and funders in their decision making process and is even aiming to help new build homebuyers achieve reduced mortgage and building insurance rates. Currently liaising with mortgage providers and insurance companies, the initiative will benefit consumers who purchase HQM accredited homes.

For more information, visit www.homequalitymark.com

[1] Rated either ‘very important’ or ‘a necessity’

 

Simon Guy
About the Author
Head of Marketing and Communications - Sustainability at BRE

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