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How to tell if property is good value

Does this development look like good value?  It does comparing to other prices in the area especially given its a new build but I don’t know if the current market conditions or predicted fall in house prices upcoming or anything else I might have missed would make it not as good value as it first appears.  I know it has a section 106 condition on it that it can only be sold to FTBs. 

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Comments

  • MultiFuelBurner
    MultiFuelBurner Posts: 2,928 Forumite
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    edited 14 April 2023 at 4:34PM
    The economy has avoided recession, talk of interest rates being lowered in the near future so adding 2+2 and getting 3.99999999 I believe the dip has happened. As can be seen locally to us where reductions have resulted in sold subject to contract.

    Only you can know if the restrictions are right for you and future sales. What is available nearby size comparison wise and what's the difference in price?

    When is the development ready (is it ready now?) and do you loss anything putting your name down and assessing then
  • Martico
    Martico Posts: 962 Forumite
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    Did a search on Pocket Living, and this old thread came up, which might be worth looking at: https://forums.moneysavingexpert.com/discussion/5454023/is-buying-a-property-with-pocket-living-a-good-idea 
  • No because it's new build, the developer has huge costs imposed on them through planning, contributions to the council etc. People pay a premium for the (unrealistic) expectations of low-risk in a new build.

    Is it a good time to buy property? Yes, were near the trough.


  • lika_86
    lika_86 Posts: 1,769 Forumite
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    15% deposit required, which might limit your FTBs more than a 10% deposit, especially for a small one bedroom flat with no outside space and no parking.

    I don't think they're priced well enough to overcome the shortcomings and limitations to be honest. They aren't that much under what could be found for less restrictive properties on the market.
  • GDB2222
    GDB2222 Posts: 24,604 Forumite
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    There are other 1 bed flats in the area for much the same price that offer significantly more space for the money. 

    This one has a restriction on car ownership, which would be a gigantic problem for many people. 

    I can’t see a reason to buy it, frankly.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • serpico100
    serpico100 Posts: 85 Forumite
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    edited 14 April 2023 at 5:05PM
    Glancing quickly through the brochure there are 2 things that would be of concern to me, Firstly, you can’t reserve a specific flat. You have to fill in an “Expression of interest” form choosing up to 10 flats, therefore making it a bit of a lottery as to which property you will be offered and that’s no way to buy your first home.

    Secondly, it is an eco friendly site therefore encouraging you to use public transport. As such, there is no parking on the complex and no eligibility to get a residents parking permit, so if the roads around the complex are residents parking only where would you park?
  • MalMonroe
    MalMonroe Posts: 5,783 Forumite
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    So it's first time buyers only and there's a 20% discount.

    They are aimed at the younger market and that's fine and to be honest it would appeal to me if I didn't have a car and I could mingle with some neighbours on the rooftop. It can be a bit lonely if you're a singleton living behind a closed door most of the time.  

    If I were to buy one it'd be as a stepping stone to something bigger and better.

    I think they'd be fine for the young business commuter who doesn't have or need a car right now. And there IS bike storage - although I'd not want to ride a bike in London.

    If you can express your interest without paying anything that might be something to do. If they're not built yet I'd not pay anything at all. Just wait and have a look and see how they appeal when they are there. Then you can get a much better idea of whether you'd be happy there or not. But seems to me that they would be ideal for those who are just starting out on the home-buying journey - maybe not as forever homes though. 

    Just my own thoughts and ideas, obviously. 
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  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
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    Ybe said:
    Does this development look like good value?  It does comparing to other prices in the area especially given its a new build but I don’t know if the current market conditions or predicted fall in house prices upcoming or anything else I might have missed would make it not as good value as it first appears.  I know it has a section 106 condition on it that it can only be sold to FTBs. 

    PropertyLog is showing a lot of 50,75 and 100k price drops for N12, do you think maybe waiting a while could be the best plan, maybe you will get something a bit cheaper?
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
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    No because it's new build, the developer has huge costs imposed on them through planning, contributions to the council etc. People pay a premium for the (unrealistic) expectations of low-risk in a new build.

    Is it a good time to buy property? Yes, were near the trough.


    Changes to credit have not even started to be felt, we are still looking into a deep ditch IMO. 
  • silvercar
    silvercar Posts: 46,939 Ambassador
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    Plenty of young people in London don’t have a car. It’s on top of a tube station so will be fine for a lot of the target audience.
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