New Builds, can someone explain please?

hethmar

I think you may be right Jonbvn in some instances. Clearly flats were built for the changing demographs - the number of divorcees, singles not marrying etc. The buy to let brigade jumped in and will basically rent to anyone with the dosh and unfortunately "anyone" often has no respect or responsibility towards the development. Ive seen a few small established developments recently which specified no letting - which I thought was brilliant (sadly with prices out of my range).

Merlot - I believe the development is due to be completed by the end of the year.

neverdespairgirl

Jonbvn wrote: »

Personally, I see many of these properties eventually being taken into public ownership, and becoming the "sink-hole estates" of the future.

Unfortunately, many of them don't reach the standards needed for public housing!

swaninn

London is definitely a better bet than Manchester/Leeds etc but still I would say that if a 2 bed valued at £219 went to auction now it would struggle to reach £150,000. Ive done some research and some new builds that were originally £309,000 in Salford Quays Manchester are now being sold off as repossessions for £200,000!!!! Id offer silly or stay away!

ad9898_3

hethmar wrote: »

Without leaping on me for even considering purchasing at the moment, Im interested in why its often said on here that new builds will fall the most and that they should be the greatest opportunity for asking for big discounts please.

I appreciate that the developers have paid out for the land/workers/materials and that they wish to recoup that money but will they really discount heavily as suggested? Ive seen some 2 bed flats currently released at £220k far out of my reach - can one really go in and offer way below this without being laughed out of the sales office?

The company - George Wimpey, say they offer incentives but from what I can see those incentives are only for a couple of their developments, not the one Im interested in and anyway they arent wonderful offers.

What ever you do, dont fall into the trap of buying a plasterboard palace, the market is on its way to at least 30% falls over the next couple of years (more if you factor in inflation), new builds will almost certainly fall faster and further........ if you must buy, go in at least 35% under asking price

planning_officer

Looking at the Haringey website, I can't see that a planning application has been submitted for the industrial/commercial land to the south of the residential development (of 128 dwellings, according to the planning application!). Although, the officer's report for the planning application makes it clear that as the site is located on a former Lynx Express Parcels depot (still showing on google earth), which is an employment use, the retention of some employment land was vital for the application (for the flats and affordable houses) to be granted permission. Otherwise, all of the former employment site would have been lost to housing, which would have been contrary to planning policy.

As a legal agreement was entered into by the council and the developer, this requires the employment land to be retained, as shown on the site plan. Although, given the proximity of the employment land to the dwellings, you can safely say that the council is not going to allow noisy industrial development there - it is far more likely to be an office based development or very light industrial, which won't cause any significant neighbour amenity issues.

For those who want a little light reading... here's the link to the planning application:
http://www.planningservices.haringey.gov.uk/portal/servlets/ApplicationSearchServlet?PKID=39695 (there have been several small amendments since 2004, when it was granted permission).

lynzpower

As a legal agreement was entered into by the council and the developer, this requires

the employment land to be retained, as shown on the site plan. Although, given the proximity of the employment land to the dwellings, you can safely say that the council is not going to allow noisy industrial development there - it is far more likely to be an office based development or very light industrial, which won't cause any significant neighbour amenity issues.

this was my thoughts too. I dont know the area hugely well but drive around there a fair amount.

I too would be wary about buying a "plasterboard palace" I bought one and sold it- it was so noisy, and the quality of the building was poor. I could hear OH opening a can of coke 3 rooms away and blindingly hot in the summer.

teabelly

Last 2 bed flat in muswell hill sold for 179k in auction in July. Offer around that.

bigkevgray

hethmar wrote: »

The company - George Wimpey, say they offer incentives

George Wimpey may offer financial incentives but unfortunatley they dont offer good quality or good after sales service.

Richard_Webster

Problem is I think flats in the area are all a similar price

Does this mean they are all new? If so, you have your answer. Builder is trying to justify his price by saying they are the same as the others - but as nobody is buying it is a nonsense. that's what the builders relied on in the good times - people would be silly enough to pay an inflated price invented by the builder - with no real market comparables available.

PasturesNew

For comparison:

Looking at a half mile radius of that development, where that development has 1-bed flats at £182k, you could choose from:
1] £140k http://www.rightmove.co.uk/viewdetails-20785022.rsp?pa_n=1&tr_t=buy&mam_disp=true - originally for sale at £250k in April 2008. Dropped in price many times so clearly keen to sell/drop.

2] £168k http://www.rightmove.co.uk/viewdetails-22900787.rsp?pa_n=1&tr_t=buy&mam_disp=true

3] £170k - http://www.rightmove.co.uk/viewdetails-10328751.rsp?pa_n=1&tr_t=buy&mam_disp=true

If you want 2-beds, then how about:

1] £180k http://www.rightmove.co.uk/viewdetails-21655025.rsp?pa_n=1&tr_t=buy&mam_disp=true

2] Or a 3-bed at £200k http://www.rightmove.co.uk/viewdetails-19861928.rsp?pa_n=1&tr_t=buy&mam_disp=true - originally priced at £255k in April.

You get more for your money if something isn't brand spanking new.