Nearby Development impact on house prices?

goodwithsaving

We have found a house, put an offer in and are going through the motions of buying.

Before I start, I must say I ADORE the house. It's ideal for us and has plenty of room that we never need move if children come along. It has off road parking with driveway and garage etc.

Whilst doing random online searches, I have established that at somepoint between 2019 - 2024, there is plan to build 30 houses on the depot land which is at the end of the road. Currently, there's no problem with the depot; it's quiet, not much traffic etc.

What impact does local development have on local property prices? I suspect it will be a nice development, much like the one being built on the other side of the town.

Within the town, a lot of development will be taking place between now and 2030, and therefore wherever we move there will be green space affected.

All experiences of this are useful.

It's a lovely house, nice area and exactly what we are after. In this area, on a London line, houses are steep and go so quickly. To find something so ideal was a feat!

stator

If it's a normal residential area the new development shouldn't have any effect on house prices.

cinnamon442

A local development where I live actually pushed my house price UP.

The flats they built were on the market for £235K whereas mine was originally 205K. The floorspace is a lot smaller than mine and they're boxed in like sardines and five storeys high. My little two bed two-floor maisonette with separate kitchen and living room and green space outside looks like a palace in comparison!

If it brings new business, transport links, people etc into the town and makes old and tired places new and clean then it could be a good thing.

If it's creating more housing where there are a finite number of buyers then you're creating more choice and more competition.

Doozergirl

It shouldn't affect house price at all. We all live in houses.

I think some people don't like uncertainty, but no one bats an eyelid when the house they buy has neighbours!

I_have_spoken

I suspect it will be a nice development

Legally, it still must have affordable/HA units and by 2019 you never know what percentage will be mandatory. It could be 50% 'problem' families.

bris

It depends on the development, and knowing what it is going to be.


Not far from me (but far enough thankfully) a new plot was developed by a housing association, nice development well laid out, but it is now filled by council rejects and homeless. No disrespect to the good people in the development but it is now known as to house some bad people with history shall we say.

goodwithsaving

Thank you all for you comments. They're really helpful.

The plan isn't definitive (as usual), it does say 'for schemes of 11 units or more, 40% of the units should be affordable housing'). It's an affluent town so it is required, and I can't imagine it being full of bad people.

It's the parking etc. that always concerns me. I know we'll have a driveway and garage and the road is a public right of way but I don't appreciate it when people park outside making it an obstacle course to get out/in.

I wonder if it would bump up the value. Or at least, it would remain what we bought it at.

House prices in this town are obscene.