Reserve Now or Hold off buying off Plan

Chumy

Hi All,

A new development will start taking reservations from 2/8/2020
Its a Taylor Wimpey Development (Broadleaf)
The first phase is to be completed by August/September 2020.

We are ready to buy and they have what we want although slightly over our budget than we would have loved to pay. £540K for a 5bed 2.5storey house. We are currently renting and not in a huge hurry. I work in Bournemouth so it will be about 35-35mins commute each way daily. OH is contractor so flexible but needs access to motorways

My question is, should we go along on Saturday and reserve what we want (phoned and most things are included as standard except white goods which they said they were happy to discuss)?
Or wait to see how the estate is selling before committing?

Anyone have any idea of this area (Rownhams)? I have 3 kids under the age of 7.

Advise and thoughts appreciated

Chumy

Just to add. I am a FTB. Thanks

comeandgo

If you snooze you loose. I'd get over there as soon as, if you don't buy it will give you experience in dealing with sales people and give you an idea on what's on offer.

RelievedSheff

If there is a particular plot that you have your eye on then it is probably best to get in early and get it reserved. You will probably pay a higher price buy you will get the house that you want.

We played it the other way and waited until the house we bought was completed and substantially reduced in price. But this way you always run the risk that someone else will get in there before you!

scottishblondie

You obviously want a particular house style and there will only be a limited number of them - and the ones on the best plots will go first. There doesn't appear to be a site plan, so I'd certainly go for a look as soon as they open to avoid being disappointed. You don't have to reserve if you're not feeling it on the day.

AdrianC

£540k new-build means you're outside any HtB. So why the new-build fixation? How does it compare to existing houses on the market...?

You're looking at...
https://www.taylorwimpey.co.uk/find-your-home/england/hampshire/southampton/broadleaf-park/the-garrton
I'm not seeing the site layout plans yet, so no ideas as to how many of that design or how they sit. 300 properties in the greater development - so even if you do actually move in in seven months time, you're going to be in a building site for years to come... and, even then, the development backs onto the motorway services!

Looks like they were planning 43 5-beds back in 2018 - but all 300+ properties are going to be using a single access junction from the right onto here...
https://goo.gl/maps/p6hZAVKdfPjQhb7E9
They're heavily selling the motorway access, but the route there is entirely urban residential. This is a traffic nightmare in waiting. All the noise nuisance, none of the ease-of-access...

And what else is available...?
Within 1 mile (and FAR handier for the m'way):
https://www.rightmove.co.uk/property-for-sale/property-88830566.html

Within 3 miles:
https://www.rightmove.co.uk/property-for-sale/property-77077066.html
https://www.rightmove.co.uk/property-for-sale/property-66448881.html
https://www.rightmove.co.uk/property-for-sale/property-88594538.html
https://www.rightmove.co.uk/property-for-sale/property-88837343.html

Massively cheaper:
https://www.rightmove.co.uk/property-for-sale/property-76891249.html
https://www.rightmove.co.uk/property-for-sale/property-86390690.html

Honestly, I'd not be falling in love with the marketing vapourware... I'd be looking at what else is available, and questioning very hard about whether this dev is a white elephant in the making. I certainly don't think they're going to be flying off the blocks, especially if they are planning 40-odd of the big 5-bed places.

RelievedSheff

Buying early on a larger development does have it's advantages. The house prices tend to creep up the further into the development they progress.

It does of course mean you have to put up with the building works around you for a while.

We bought our new build last year when about a third of the houses were constructed. Building is gradually moving away from our plot and it is getting quieter but also houses the same as ours on similar plots are selling for £10k more than we paid last April.

Retired_Mortgage_Adviser

I might be missing something here, but why do you say it's outside H2B? The cap is still 600k at present, even outside London. From April 2021 it goes down to ~440k in the SE.

AdrianC wrote: »

£540k new-build means you're outside any HtB. So why the new-build fixation? How does it compare to existing houses on the market...?

AdrianC

Retired_Mortgage_Adviser wrote: »

I might be missing something here, but why do you say it's outside H2B? The cap is still 600k at present, even outside London. From April 2021 it goes down to ~440k in the SE.

My apologies - I was thinking it was this April.

Annastin

What do you mean? We were planning to go down the helptobuy route at the end of the year for a property on the south coast. We don't have a specific development in mind yet but expect it to cost around 550-600,000.

Will that no longer be possible after April 2021? Is that the date for paying the reservation fee or for completion?

You have got me worried, I had no idea!

Retired_Mortgage_Adviser wrote: »

I might be missing something here, but why do you say it's outside H2B? The cap is still 600k at present, even outside London. From April 2021 it goes down to ~440k in the SE.

AdrianC

Annastin wrote: »

What do you mean? We were planning to go down the helptobuy route at the end of the year for a property on the south coast. We don't have a specific development in mind yet but expect it to cost around 550-600,000.

Will that no longer be possible after April 2021? Is that the date for paying the reservation fee or for completion?

You have got me worried, I had no idea!

It was all announced last October.
https://www.hbf.co.uk/newsletter/view/824?pk_campaign=newsletter_824

There are regional price caps for eligibility for HtB Equity Loan purchases - London will stay at £600k, going down to £186k in the NE. And, yes, it's based on completion date.

For the SE, it's £437,600 - coast from Thames to Hampshire, so the OP just squeeks in.
For the SW, it's £349k - coast from Dorset west to Wales
For East of England, it's £407,400 - coast north of the Thames estuary