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Affordable new build - not selling?
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tbo127
Posts: 134 Forumite

Is it normal that this “affordable” new build development (still under construction) has 4 properties reserved (out of 86 units to sell) after 6 months of marketing?
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Are all of the flats 1 bedroom and 38 to 40 squares metres? That seems small and relatively unappealing.
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The whole concept of pocket is that they are small and affordable.
There are a number of conditions that go with them though so you can't sell on the open market and not all mortgage lenders like that.
https://uk.trustpilot.com/review/www.pocketliving.com
Officially in a clique of idiots1 -
Are these really affordable housing, ie heavily discounted in price for key workers?
Or, are they very small flats being sold at normal price for the floor area? So, the affordable is just a marketing gimmick?
Somebody asked about this block a few months ago (maybe the op?). and at that time it didn't look like these flats were particularly cheap. Since then, prices have fallen a bit, generally.No reliance should be placed on the above! Absolutely none, do you hear?1 -
RedFraggle said:The whole concept of pocket is that they are small and affordable.
There are a number of conditions that go with them though so you can't sell on the open market and not all mortgage lenders like that.
https://uk.trustpilot.com/review/www.pocketliving.com
No reliance should be placed on the above! Absolutely none, do you hear?0 -
tbo127 said:Is it normal that this “affordable” new build development (still under construction) has 4 properties reserved (out of 86 units to sell) after 6 months of marketing?No car parking. Yes, the development is more or less on top of a tube station, but there are areas of outer London (like this one) where there is very little to do if you don't have a car or other motorised transport. There's better (more connected/cheaper) places to live if you spend most of your time in central London.In effect you are being sold a lifestyle rather than a flat. That lifestyle comes with no car. So it isn't for everyone.0
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I don’t quite understand the gimmick (if there is one). There are plenty of 1 bedroom flats nearby on the open market for similar price if not cheaper, which presumably don’t also come with the same restrictions0
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AFF8879 said:I don’t quite understand the gimmick (if there is one). There are plenty of 1 bedroom flats nearby on the open market for similar price if not cheaper, which presumably don’t also come with the same restrictions
DISCOUNTED NEW HOMES FOR SALE IN BARNET
I'll leave you to decide whether there's really a discount. The developers have been able to cram a lot of homes onto the site by doing without parking and sticking the garden onto the roof. That means the site cost per flat is low.
Residents may find that they are not allowed to buy a resident parking permit from Barnet Council, by the way. So, anyone who wants a car may have to park a considerable distance away.
This development may suit some people, but I suspect the reason it has not sold out is because it's not particularly cheap, not particularly discounted, and at £300k or so not even very affordable.No reliance should be placed on the above! Absolutely none, do you hear?1 -
Is it only 4 out of 86 reserved? The price list only has 16 flats on it total , so maybe it is 12 of 86 remaining? Needing to be a first time buyer will surely restrict their potential buyers.
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
GDB2222 said:
Residents may find that they are not allowed to buy a resident parking permit from Barnet Council, by the way. So, anyone who wants a car may have to park a considerable distance away.
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Section62 said:tbo127 said:Is it normal that this “affordable” new build development (still under construction) has 4 properties reserved (out of 86 units to sell) after 6 months of marketing?No car parking. Yes, the development is more or less on top of a tube station, but there are areas of outer London (like this one) where there is very little to do if you don't have a car or other motorised transport. There's better (more connected/cheaper) places to live if you spend most of your time in central London.In effect you are being sold a lifestyle rather than a flat. That lifestyle comes with no car. So it isn't for everyone.0
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