How competitive is reserving a New Build?

Ktboo93

My partner and I (FTB) have been looking at older properties for the past 6 months and have made offers on four only to be told we were outbid every time when it went to best and final. It’s incredibly frustrating and soul destroying out there at the moment - the competition is so strong and this is despite us having a 10% deposit and living in a pretty !!!!!! Northern city! 

We’re currently renting on the old side of an ever expanding new build estate and we’re aware that one particular developer is building 200 or so houses pretty soon. We’ve warmed to the idea of getting a New Build to save all this heartache. The house types have been released with “prices to be released soon”. 

My question is, how quick off the mark do we have to be to reserve a new build property? Because if it’s anything like the traditional market at the moment you have to be calling EAs the same day or the day after a property goes on Rightmove to secure a viewing. Every house we’ve viewed has been sold the next week.

Is it the same to reserve a New Build? Will we need to be one of the first in line? Or do people take their time more as your buying off plan?

74jax

They may well have a waiting list now. If you give them a call they can tell you where on the list you are if you put your name down. 

Ktboo93

74jax said:

They may well have a waiting list now. If you give them a call they can tell you where on the list you are if you put your name down. 

Thanks. I think my partner should be registered as he had to give his details when we viewed the show homes (these were the show homes for the development that been built for a while - the new development doesn’t have any show homes yet!) 

74jax

Ktboo93 said:

74jax said:

They may well have a waiting list now. If you give them a call they can tell you where on the list you are if you put your name down. 

Thanks. I think my partner should be registered as he had to give his details when we viewed the show homes (these were the show homes for the development that been built for a while - the new development doesn’t have any show homes yet!) 

Sorry I mean against a plot. 
So you have the site plan, check out the site numbers, and register against a plot. 
I've been new build many years and never opened a site without sales already made. 
I would take the details, check they were in a position to buy and add to list. Then the plot is released and I start calling, in order. 1 on the list reserves to make an appointment to come in and buy, or I go to 2 on a list etc.
Registering an interest on the site is completely different. Plus he has to ask to do this, we can't just keep his details, so he will know if he is or not. 
Are they building show homes? If the site is already up and running they might not be. 

Ktboo93

74jax said:

Ktboo93 said:

74jax said:

They may well have a waiting list now. If you give them a call they can tell you where on the list you are if you put your name down. 

Thanks. I think my partner should be registered as he had to give his details when we viewed the show homes (these were the show homes for the development that been built for a while - the new development doesn’t have any show homes yet!) 

Sorry I mean against a plot. 
So you have the site plan, check out the site numbers, and register against a plot. 
I've been new build many years and never opened a site without sales already made. 
I would take the details, check they were in a position to buy and add to list. Then the plot is released and I start calling, in order. 1 on the list reserves to make an appointment to come in and buy, or I go to 2 on a list etc.
Registering an interest on the site is completely different. Plus he has to ask to do this, we can't just keep his details, so he will know if he is or not. 
Are they building show homes? If the site is already up and running they might not be. 

I don’t think we are able to register interest against a plot at the moment as prices have not been released yet. But I will ring them today to double check. When we went to view the show homes we spoke to a guy who doesn’t normally work there, he’d been drafted in last minute as the usual sales associate had broken her leg. So he didn’t know many details but emailed my partner to say he’s put out details in the system (whatever that means!). I’m not sure if they are building show homes for this new development. I’ll ask today

Noneforit999

Depends on demand really.

The sales office will make you think they are selling like hot cakes, which may be the case but it also might be rubbish. TW have 200 or so near us and they release them 2-3 at a time, presumably to make people think they need to snap them up if several other people are interested.

We looked down the new build route but making the timings fit was impossible without going into rented and then we had the issue of trying to find a 12 month AST with 6 month break clause which allows a Dog. We have a toddler to think about too so in the end it make it too difficult for us to do so we ruled out buying a new build. 

GDB2222

Ktboo93 said:

74jax said:

Ktboo93 said:

74jax said:

They may well have a waiting list now. If you give them a call they can tell you where on the list you are if you put your name down. 

Thanks. I think my partner should be registered as he had to give his details when we viewed the show homes (these were the show homes for the development that been built for a while - the new development doesn’t have any show homes yet!) 

Sorry I mean against a plot. 
So you have the site plan, check out the site numbers, and register against a plot. 
I've been new build many years and never opened a site without sales already made. 
I would take the details, check they were in a position to buy and add to list. Then the plot is released and I start calling, in order. 1 on the list reserves to make an appointment to come in and buy, or I go to 2 on a list etc.
Registering an interest on the site is completely different. Plus he has to ask to do this, we can't just keep his details, so he will know if he is or not. 
Are they building show homes? If the site is already up and running they might not be. 

I don’t think we are able to register interest against a plot at the moment as prices have not been released yet. But I will ring them today to double check. When we went to view the show homes we spoke to a guy who doesn’t normally work there, he’d been drafted in last minute as the usual sales associate had broken her leg. So he didn’t know many details but emailed my partner to say he’s put out details in the system (whatever that means!). I’m not sure if they are building show homes for this new development. I’ll ask today

Prices are usually higher than for comparable older properties, so don’t get too wound up yet. 

Flick85

It entirely depends on the development… the one I’m buying on is v competitive for certain house types. I only managed to reserve mine because I was calling them up weekly to ask when a specific plot would be released (I was only really interested in one house). They wouldn’t do an early bird reservation on that house because there were 3 other proceedable parties who wanted it. But, for other plots that was an option. 

Basically, being on their list and waiting for it to be released on right move may not be sufficient. So, call them up and ask.

It’s also worth asking about early bird reservations, especially as you’re ftb.

dinkylink

A new estate where I live advertised the first 7 properties for sale 5 weeks ago.

2 of these were 2 bed houses, ideal for ftbs, and these sold over the first weekend. Speaking to the agent he said he could have sold them 5 times over, and I don't disbelieve him given that the ftb market where I live is generally very hot (southeast).

Interestingly, none of the other 5 have sold yet. Seeing as these are much larger/more expensive, from my own subjective experience I would say the new build market is even more competitive if you are a ftb.