Social housing development planned - would you still buy?

DottieDam

We have an offer in on a house and currently waiting for mortgage offer.

There is a similar property for sale a couple houses down so had a look at their home report and now I am freaking out (FTB so that doesn't help either!)

Firstly, we thought we were getting a 'bargain'. Our house was valued at £125k which seems in line with other 3-beds sold in the area in last five years (of which there are 2!). Our offer is £94k. The house was on the market for over a year, not lived in, opposite primary school, and the ad was terrible (didn't even have pics of half the rooms). So we somewhat justified the price to ourselves.

This other house is 2 beds and valued at £95k. But does have woodworm and is more run down on the outside. Also they patio'd garden and put in giant shed so to us feels like no garden.

But we now feel a bit freaked about the price. We have plans to spend on a new kitchen and bathroom and general lick of paint type things. And also thought of formally converting attic to 4th room (it 'only' needs a proper staircase). Thinking we had wiggle room to improve on value while making it a nicer place for us to live.

As our home report is over 1 year old, lender is getting another valuation so I guess we just have to wait and see what value comes back as!

BUT

Secondly, in the home report for the 2-bed it mentions across the road there will be a development of 40 social housing apartments. I found confirmation of this online but I can't find any sketches! While this won't be opposite our house it could potentially obscure our partial sea view - it's only from what would be spare room and it's not a full view anyway.

Also, the parking is on-street so that's potential for a lot more cars and just more people in general. Not to mention the building works that are planned to start next year.

40 apartment seems a lot, and like it would be a huge building?

And the all important, unanswerable, question of how will this effect house prices when built!?

Assuming we stayed for 5 years would it even be finished?

Can our solicitor get sketches of what it would look like?

I realise I should have looked this up earlier but ... well ... experience!

Any insight/input from those more experienced welcomed!

theartfullodger

Could be a bunch of ASB owner-occupiers with class-ist ideas of their superiority.

davidmcn

What exactly does the Home Report say about it? If the sellers have received notification of a planning application then the application will be available on the council's website. If it's prior notification of an anticipated major development then any drawings would be in a subsequent application.


Also, it's unlikely that a 40 flat development would be granted permission without its own off-road parking. Obviously potential for overspill though.

DottieDam

theartfullodger wrote: »

Could be a bunch of ASB owner-occupiers with class-ist ideas of their superiority.

My including of the social housing detail was in case that shed more light on timescales for building or what type of structures to expect. A 2-tier building compared to a 3-tier is a much different prospect.

foxy-stoat

Find another property - you will need more than a staircase to convert the attic.

Unless the primary school is achieving the top marks in Ofsted and league tables then you would be better spending your money elsewhere.

DottieDam

davidmcn wrote: »

What exactly does the Home Report say about it? If the sellers have received notification of a planning application then the application will be available on the council's website. If it's prior notification of an anticipated major development then any drawings would be in a subsequent application.

It just says
"It is understood that the vacant ground directly opposite the subject at the front elevation
is to be built on by the Local Authority. It is understood that 40 residential units are to be
constructed. An incoming purchaser may wish to have this matter further investigated."

I can find a document stating it is approved but no details.

davidmcn wrote: »

Also, it's unlikely that a 40 flat development would be granted permission without its own off-road parking. Obviously potential for overspill though.

I was hoping that would be the case!

theartfullodger

What sort of neighbours would you expect to be living there?

lisyloo

I live in a social housing block. The majority of the residents are fine - families, old people. There are a few who smoke funny smelling stuff and they are the friendliest.

davidmcn

DottieDam wrote: »

It just says
"It is understood that the vacant ground directly opposite the subject at the front elevation
is to be built on by the Local Authority. It is understood that 40 residential units are to be
constructed. An incoming purchaser may wish to have this matter further investigated."

I can find a document stating it is approved but no details.

What sort of document? It could just be a vague ambition, to be forever thwarted by lack of funds, political reasons, or a change in policy.

You should of course anticipate something being built on the land if the council have deemed it suitable for development.

C_Mababejive

Social housing tenants have rules,regulations and agreements to adhere to. Private mortgaged properties do not.

This means that a non social housing resident can do pretty much what they like within the law whereas a social housing tenant can't

Near where i live there is a mix of private and social housing. In the last few years the housing assoc has gone to court and evicted two troublesome tenants to restore peace to the area.

Had they been homeowners or mortgagees,well nothing could have been done.

DottieDam

theartfullodger wrote: »

What sort of neighbours would you expect to be living there?

Very similar to those already in the area since there is social housing at the end of the road and most of the neighbouring streets are ex-local authority.