The research carried out by Morris, factors in low-interest purchase schemes, lower maintenance costs and energy efficiency and reveals that homeowners can save an average of £3,216 a year, meaning a total saving of £32,160* over a period of ten years.
Morris believes that consumers should be more aware of just how much they could save by owning a new property.
Chris Minshall, regional sales director for Morris Northern said: "Most people know that new homes are more energy efficient and therefore generally much cheaper to run, than second-hand homes. However, not many people take into account the other areas they can make savings such as costs associated with buying and ongoing maintenance of the property.
"As well as the financial savings, there are benefits which it is difficult to put a cost on, such as having the expert help of an independent financial advisor and the chance to put a personal stamp on the property before you move in.
"We hope that New Homes Week has encouraged buyers to appreciate the growing benefit of buying a new property and the impact it can have on their monthly budgets."
* Savings based on:
- Buying a £160k new home on Morris' 80/20 scheme compared to buying the property without the scheme. Figures are based on a 4% interest-only mortgage. Under the scheme buyers only pay a mortgage on 80% of the full purchase price. The remaining 20% is interest free and can be paid in installments over a 10 year period or settled out of the future sale value of the home. This works out as £96 p/m less than buying a second hand £160k home without the scheme. This means a saving of £1,152 a year.
- Owning a new home reduces annual energy bills by an average of £556 according to research conducted by New Homes Marketing Board 2008.
- Average household maintenance is £1,508 according to the office national statistics household expenditure survey.