What does a new development do price wise to other houses?

[Deleted User]

Looking to buy in Durham and have seen a couple of potential houses, only thing is on land next door to it there has just been permission for about 200 new houses and some student accommodation next to the University buildings (student digs approx 1/2 mile from the houses we are looking at)
Will this new development cause the prices to drop? Or will it have any impact seeing as Durham is desperate for houses?

QTPie

What type of house are you looking to buy? FTB, investment, family home, high end home?

We complete on buying a house (high end family house) next week. There is a fairly big development (100+ homes going up) around 400/500 yards up the road. Most of them will be pretty pricey (it is a vey good area), but our council requires that every new development has an element if "social" housing - so there will be some. I have been warned of a value drop (because of the social housing coming into the area). However it doesn't worry me at all: have had "social housing" neighbours before and they were great people/neighbours, plus we are planning to stay longer term (so any value dip will not have a big effect).

You might want to consider the effect of additional houses on facilities/amenities, though: in particular parking - new developments are notoriously bad at providing sufficient parking...

[Deleted User]

Family home. New development going up in 3 phases and the cost of the 1st is £450-£750k per house, 2nd phase is
£1,000,000 per house and last phase will be around £350k per house development when finished will be the next estate to ours approximately 200-300 metres away from our potential house

QTPie

How long are you hoping to stay there?

Short term concerns would be things like dust/dirt/noise and site traffic. Also (possibly) competition if you wanted to sell in the shortish term. Possibly if it might effect your on-street parking and maybe demand for places at the local school etc.

Students CAN be noisy etc. Wpuld they be likely to cut-through your estate to get into town or a local pub/club.

[Deleted User]

It will be a long term house to see our girl through all school until uni so prob about 17 plus years hopefully. No chance of students cutting through the estate as there is no cuts or paths and the building would start of furthest away then finish in a few years next to our estate. Won't be any problems with parking at all and tbh it's far enough away to say there prob won't be any noise IMO...

[Deleted User]

Local school places could be a problem though...

QTPie

Don't underestimate dirt/dust from construction... Can travel a long way.

Over subscribed schools have too problems: getting a place in infants and class sizes from juniors upwards (was talking to a friend this week and her son - just gone into juniors - is now in a class of 37 ).

It doesn't sound too bad too me - if you are staying longer term (since effect on house prices should be a blip), but there will be more competition when selling (however older houses are not always worse - we could have gone for a new build, but actually felt that a very tastefully renovated and extended 1980s house gave us more).

[Deleted User]

I say no issues with construction because there will be rows of trees separating the development from the estate I looking at. Tbh we are looking here because of the outstanding schools which are literally 1/4 mile away for primary and 1/2 mile for secondary, we would be very upset if after moving there we could not get our girl in those 2 schools tbh.