Second hand new build depreciation

Campbell87

Hi everyone,

Just looking for a bit of advice really as to whether my concerns are founded or not.

Myself and my partner are looking to purchase our first home and have an AiP in place. We've found a property that was originally sold as a new build back in 2009 for 110k it's now on the market for 80k..

Here's the property in question:

rightmove.co.uk/property-for-sale/property-66659971.html

Rightmove sold prices, you'll notice the only property to be resold since they were new builds went for 70k from an original price of 100k:

rightmove.co.uk/house-prices/TS26-8EW.html?backListLink=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%255E1617806%26minPrice%3D70000%26maxPrice%3D90000%26minBedrooms%3D2%26radius%3D0.5

Again Rightmove sold prices for the rest of the new builds as they're on a different street:

rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=STREET%5E712168&searchLocation=Poole+Gardens&referrer=listChangeCriteria


Essentially what I'm asking is if anyone has an experienced opinion as to whether the properties will continue to depreciate or whether they're now just realistically priced and will increase/decrease inline with the market?

We plan to overpay on our mortgage for the next 5 years at which point we'll look for our forever home when my partner returns to work.

Thank you in advance for any opinions advice you can offer!

bigisi

https://www.rightmove.co.uk/property-for-sale/property-66659971.html

https://www.rightmove.co.uk/house-prices/TS26-8EW.html?backListLink=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%2%2055E1617806%26minPrice%3D70000%26maxPrice%3D90000%2%206minBedrooms%3D2%26radius%3D0.5

Third link is invalid.

ProDave

So the house sold new for £110K right at the top of the last boom before the crash. Lucky builders, poor first buyer.

Since 2008 a lot of the UK has not recovered and I suspect this is one area where prices fell in 2009/8 and have not recovered again since.

Personally I doubt prices are likely to fall any more, but there just does not seem to be anything to get these sorts of areas moving again so I would not bank on price rises either.

Owain_Moneysaver

I think I'd rather have one of the older houses round the corner for half the price (that may be a slight exaggeration but there are more spacious and cheaper houses in the area). Don't be too excited by the new(ish)-and-shiny aspect of that one.

getmore4less

link 1
link 2
link 3


wider area last 12 months there are the odd property that has sold in the 2000-2018 window twice that have shown a bit of upward movement most are flat.

At this price bracket there are more than shoe boxes available that look much better value.