How fast are new build flats being sold in Greater London these days? Please share your observation!

wjchoihk

I just wonder how fast new build flats are being taken up these days in London. Of course it may depends on whereabout, prices, local supply & demand, etc. Until 2016, people say whatever come on market they were finished within couple of months back then. How about now?

If you have recently bought, offered a new build or just happen to be expert on this, please share for the benefit of everyone who might be hunting out there!

Would be better to include location, price levels, how many sold out of how many, and during what time frame.

hazyjo

Say three people reply all saying they were snapped up and were in a waiting list, I really don't see how you can judge the Greater London market from those posts.

Also don't see why you'd want to know. Perhaps you might like to share? Are you buying?

Demand for new builds will reflect the market generally.

I haven't bought a new build but can tell you the market is mainly flat, and people will be wary of buying new builds as you often pay a premium. If prices drop (or 'continue to drop' in some areas), people will be worried about paying more for a new build and ending up in neg equity.

Obviously Brexit has changed the market for a while (since 2016). That bit ain't rocket science.

cloo

I work in a job connected with the property industry, and I can certainly say there is agreement that there has been a big drop in sales of expensive 'prime' central London flats. Develops have finally found that you can't go on selling 1m+ quid flats indefinitely.



The developers who bought the Earls Court site imagining they were going to sell lots of pricey apartments are in a panic because they've realised they can't sell that many units for megabucks anymore, and the site has lost tens of millions in value since they bought it, so they are reeling their plans back in.

gingercordial

wjchoihk wrote: »

I just wonder how fast new build flats are being taken up these days in London. Of course it may depends on whereabout, prices, local supply & demand, etc. Until 2016, people say whatever come on market they were finished within couple of months back then. How about now?

If you have recently bought, offered a new build or just happen to be expert on this, please share for the benefit of everyone who might be hunting out there!

Would be better to include location, price levels, how many sold out of how many, and during what time frame.

I don't think anyone can answer this properly for you who isn't a property developer, and why would one of those give away commercially sensitive information like sales data on a public forum?

Around my way it seems like the new builds are not selling well, as they keep adding in extra freebies/incentives and advertising open evenings with free booze to get people in the door, but it is hardly surprising when the new builds are more expensive than the lovely, huge old houses in the same area that actually have gardens etc. But I might be completely wrong, perhaps they are selling like hot cakes behind the scenes, and how you could extrapolate that anecdotal "evidence" to the whole of Greater London I don't know.

wjchoihk

OK I am thinking of buying one in SW london zone 4 as I found one right location right size and not as pricy as other new builds in my view. But I just dont like the idea of seeing developer slashing prices nearer construction completion. But equally I dont want wait further as I fear stering would recover (I am bringing funds from overseas) and the specific plot may not be around. I am not a local person so got frustrated at lack of data on this. But ok that is fine.

quantumlobster

wjchoihk wrote: »

I just wonder how fast new build flats are being taken up these days in London. Of course it may depends on whereabout, prices, local supply & demand, etc. Until 2016, people say whatever come on market they were finished within couple of months back then. How about now?

If you have recently bought, offered a new build or just happen to be expert on this, please share for the benefit of everyone who might be hunting out there!

Would be better to include location, price levels, how many sold out of how many, and during what time frame.

What conclusions have you drawn from your investigations on Rightmove and other property sites?

You have done this, haven't you?

wjchoihk

How sarcastic !

Crashy_Time

cloo wrote: »

I work in a job connected with the property industry, and I can certainly say there is agreement that there has been a big drop in sales of expensive 'prime' central London flats. Develops have finally found that you can't go on selling 1m+ quid flats indefinitely.



The developers who bought the Earls Court site imagining they were going to sell lots of pricey apartments are in a panic because they've realised they can't sell that many units for megabucks anymore, and the site has lost tens of millions in value since they bought it, so they are reeling their plans back in.

Great news for all sensible people really.