New build flats

CYBERCIDERSAVER

HelpWhereIcan wrote: »

I know of one development by a major national builder near me that the HBoS group refused to lend on because their valuers (Colleys) had become aware of the amount of incentives that were being thrown at people. Stamp Duty, White Goods, carpets, legal fees, mortgage subsidy .. you name it. Anything to keep the price up.

And the price "paid" ie 280K ends up at the land registry where it skews future valuations for the area.

Which is why I set up a petition for the government to look into this. Unfortunately the "I'm alright Jack, it doesn't affect me" brigade haven't bothered to sign.:mad:

85 SIGNATURES SO FAR. C'MON PEOPLE!

http://petitions.pm.gov.uk/BAN-GDs/

secondtoughest

Many of these 'thrown up' new build flats will become the housing association flats of the future, IMO. The price will drop so low that the councils will pick them up.

Anybody got any anecdotal evidence of how these types of flats are doing in traditionally strong markets e.g. London, business strongholds in the south etc?

We just don't do flats justice in this country - elsewhere in the world there's lifts, proper balconies, concierges - you know, actually put some long term investment in them!

loveandlight

Posted by The Dangerman
If people are foolish to make investments without doing any research about the rental market, or how much the property is worth more fool them.

This is only half the picture though and assumes all the info needed is available at the time prior to purchase. What about those people who have been living in older flats for years and because of developers building new flats left right and centre in the same area (and the council giving them permission to do so) the value of the older flats as well as the rents have dramatically nosedived because of oversupply. That's hardly the fault of the owners of the older flats.

lynzpower

Guy_Montag wrote: »

One lender is limiting to 65% LTV on BTL on new builds now, I think that says a lot.

Not so long ago I remember reading on here that some lenders are refusing to lend ion new build in Woolwich london SE18.

I wonder if there are other lenders that dont lend on NB flats in other postcodes? Anyone know?

The_Dangerman

loveandlight wrote: »

This is only half the picture though and assumes all the info needed is available at the time prior to purchase. What about those people who have been living in older flats for years and because of developers building new flats left right and centre in the same area (and the council giving them permission to do so) the value of the older flats as well as the rents have dramatically nosedived because of oversupply. That's hardly the fault of the owners of the older flats.

I think the buyers of said older flats will have been extremely naive to believe that during a booming property market, no more flats were going to be built.

m00m00

Guy_Montag wrote: »

One lender is limiting to 65% LTV on BTL on new builds now, I think that says a lot.

so only 15% negative equity after 18 months then.

Rick62

secondtoughest wrote: »

Many of these 'thrown up' new build flats will become the housing association flats of the future, IMO. The price will drop so low that the councils will pick them up.

No, apparently they don't meet the council basic requirements for room sizes or heating. The council and housing associations don't want them!

poppy10_2

Rick62 wrote: »

secondtoughest wrote: »

Many of these 'thrown up' new build flats will become the housing association flats of the future, IMO. The price will drop so low that the councils will pick them up.

No, apparently they don't meet the council basic requirements for room sizes or heating. The council and housing associations don't want them!

This is actually true, there was an article in one of my local papers recently stating that the council would not be buying up long-vacant "luxury apartments" because of the shoddy construction and lack of compliance with basic regulations for council housing.

Lotus-eater

Well someone's got to buy them, or someone else is going out of business!


probably..

Pobby

southernscouser wrote: »

To me thats a selling point!

But I'm no yob. Just a drunken lout.

SS,just had a word with the delevoper.he say if you can get to gether £500(cash) he will sell you a 1 bedder!Oh yea,and will throw in a case of Stella!