Buying on a new estate

DoryB

Currently in the process of considering a new build, but I have my reservations. Currently in the area there are several new housing developments popping up. The estate I'm interested in has only just started phase 1 of 250 homes. It all looks very nice. The house design we like has gone up from £286 to £293 in a few months so they are obviously selling well.

Now my concerns are the market is going to be flooded with new builds, help to buy is causing a flurry of purchasing. Resale will have massive competition and it would be a bad investment. This particular estate is scheduled to take 2.5 years to complete which is a long time.

tomtontom

If you want a short term gain, don't buy a new build. If you want a long term home the initial loss in value should (there are no guarantees) even itself out.

You might want to check how much social housing there will be on the development. It may or may not be an issue for you, but it could affect the resale value.

GoldenShadow

People seem to like new builds/recent builds. I don't because I don't like square rooms and v small kitchens which are what the 2-3 beds seem to be, nor do I like lounge diners/lack of parking. I am regularly baffled at the price a house that was a new house when bought being sold after say 3-5 years is going for. That just goes to show people do like them and will pay for them. They're even higher than what they originally went for after just a couple of years.

I do wonder if in 20 years people will like them as much as they do now, or whether real pre loved houses may become more sought after, but only time will tell. They're not for me, but I think I'm the odd one out around my area for sure!