First Time Buyer with HTB on New Build

jakhar

Hello everyone,

I am just looking for some advice as a first time buyer, with a help to buy ISA, buying a new build property.

I have been looking at a new build estate, that is in the final stages of development near to where my family live and have friends already living on the estate. I have to say I generally don't like new build estates, but this is in a countryside setting with lots of green space and a nice development by Barratt. There is little new build developments in my area (countryside) and those that do come on are generally too expensive.

When I enquired they said they have two 2 beds coming up and that there is such high demand that the last 2 beds went in an hour of being on the market. Therefore, I reserved one of the plots straight away when they came up, as not to miss out.

When my friend first moved in on the estate over a year ago, he paid £155k for a 2-bed. The price of the new releases came on at £185k, however, they have a west-facing/slightly bigger garden which isn't overlooked, are semi-detached as opposed to terraced and look out on a park/play area instead of other houses.

However, I am now having second thoughts. It seems like a lot of money for what it is and the other identical plot is still on the market (a week later). What I would essentially like advice on, is should I continue with the purchase with what is an overpriced property or wait it out and hope something else comes up? If I wait, I will be able to save more, but property price could go up too.

In terms of finances, I am able to afford the house, with some aside for flooring, fees etc. It's not the affordability, more the value.

Thanks in advance!

hazyjo

jakhar wrote: »

...but this is in a countryside setting with lots of green space and a nice development by Barratt. There is little new build developments in my area (countryside) and those that do come on are generally too expensive.

I'd be more concerned with future housing estates...

jakhar wrote: »

...and a nice development by Barratt.

Isn't that a bit of an oxymoron? They're generally not so popular - search the board, there was something not long ago I think.


Jx

jakhar

Thanks for the quick response!

As far as future housing estates go, I think it will be unlikely nearby (although not impossible) as the site was a brownfield site and is enclosed on most sides by roads, country park and business park.

I did have a look and couldn't seem to find anything about Barratts. Could you post a link?

hazyjo

https://forums.moneysavingexpert.com/discussion/5639179


not specifically them, but mentions re them https://forums.moneysavingexpert.com/discussion/5634889


https://forums.moneysavingexpert.com/discussion/5518671


https://forums.moneysavingexpert.com/discussion/2201481


Lots of other mentions. Just type 'barratts' (and other variations if you like as there are prob lots of spelling mistakes) into the search bar.