Housebuying Novice- Help! New Build

fionas_2

Hi

Apologies if there is already a thread dealing with my queries but am new to the board and housebuying so pretty clueless.

Having lived in mod married quarters all my life I know nothing about house buying.

We've seen a new build that has come down £20,000 in the last few months and it's size, location and price is ideal.

However, the developers have sold some houses on site to the Housing association. The sales agent says this is normal practice. Is this right?
This isn't meant to be snooty, but the house isn't cheap, so would it be an issue that it's on the site with housing assoc. house- for resale etc?


Also read something about stamp duty being dropped soon. Is this a fact or rumour?

Lastly- is this still the wrong time to buy?

Soo many qs....

m_13

Lots of empty properties are being sold to housing associations. I certainly would think hard about buying a leasehold flat where the majority of the other properties were now owned by a housing association as you would very much be the minority voice and they would probably control the management company.

Whilst it's the case that developments have had some element of social housing on them - shared ownership or key worker accommodation - I don't think it's 'normal practice' for completed houses to be bought by housing associations!

Most people seem to think that property prices are going to drop further and new builds have been particularly hard hit as mortgage lenders are less keen on lending on them. Some have reduced their loan to value (LTV) for new build properties overall but others just for flats.

I haven't heard anybody talking about stamp duty being reduced further but then I wouldn't have believed that in 2009 the public would be owning so much of the UK banking system!

mercedes125

fionas wrote: »

Hi

Apologies if there is already a thread dealing with my queries but am new to the board and housebuying so pretty clueless.

Having lived in mod married quarters all my life I know nothing about house buying.

We've seen a new build that has come down £20,000 in the last few months and it's size, location and price is ideal.

However, the developers have sold some houses on site to the Housing association. The sales agent says this is normal practice. Is this right?
This isn't meant to be snooty, but the house isn't cheap, so would it be an issue that it's on the site with housing assoc. house- for resale etc?


Also read something about stamp duty being dropped soon. Is this a fact or rumour?

Lastly- is this still the wrong time to buy?

Soo many qs....

We are buying a new house and there are three houses on the development that are for housing association they are advertised as 50/50 shared ownership. From what i have been reading all new developments have to have so many houses for housing association with the situation at the moment.

Feline_friendly

Our new development that we are moving to has these houses too..they are classed as "affordable housing". They have to supply these houses and although belong to a housing association the people still require a mortgage to part share them.

geoffky

house prices are falling the fastest ever....whats the rush.....wait and reap...

fionas_2

Thanks for the replies so far.

Looking at the plans in more detail it would seem it's a 60/40 split.

The 40 being affordable housing. The majority of those being shared equity.

Bizarrely it's quite noticeable which house on the estate they are as they have their doors painted a different colour!!!

MX5huggy

Bare in mind that there is nothing stopping the developer selling the other 60% to HA , in the past they did not do this as they got more for private sales, but at the moment they will take what they can get and that could be the HA's money.

Possibley leaving you as the only owner which would be lovely because all HA tenants are god's own people.