Do people not want to be the 2nd / 3rd owner of a new build?

[EdJ]

From what I can see, houses in London are selling very quickly at the moment. The exception to this seems to be new builds (not brand new, but built in the last - say - 5 years).

Is it true that people generally struggle to sell new build houses? Is this because there's a "second hand" feeling about them that you don't get with your average Victorian house?

Interested to hear people's views!

Ed

[Goochie]

When people buy a new build they forget about the "build quality problems" because the developer has given them a great deal and maybe even part-exchanged their old house. It sweetens the deal a lot.

However, when that house is a few years old and the cracks are starting to show, it no longer has the extras from the developer and is just not such good value as an older property.

[andye30m3]

I would have thought it's because you don't often get the features of an older property or the peace of mind of owning a brand new one.

I live in a reasonable size town, the properties built within the last 20 years or so always seam to have relatively small gardens, close neighbours and often parking issues when compared to the older housing areas. Obviously there are exceptions but these often command a large premium

[jdw1234]

EdJ said:

From what I can see, houses in London are selling very quickly at the moment. The exception to this seems to be new builds (not brand new, but built in the last - say - 5 years).

Is it true that people generally struggle to sell new build houses? Is this because there's a "second hand" feeling about them that you don't get with your average Victorian house?

Interested to hear people's views!

Ed

I personally wouldn't consider a new build of any description over a comparable period property.

New builds also have the social housing problems and will most likely end up as council blocks going forward.

[Henry-F]

Possibly vendors over-pricing based on what they paid and / or need to get out of their financial obligations.

You also have to bear in mind that when you buy new build you get all new appliances, carpets, decoration as well as a guarantee for a period of time. The next owners won't get any of that. They will also be comparing the 3-5 year old property to new ones on the market (they will be similar size, location etc). If builders are offering assistance to buyers the used property vendor has to work a bit harder to shift the property.

I suspect a well maintained, possibly even improved property in a good location will still find a home easily enough. It's the smaller, less well maintained properties that struggle.

Henry

[Soovy]

New builds are ten a penny, and sellers are asking dream prices.

Therefore they don't sell.

[BigBen]

I live in a new village and have found that 'used' houses sell for a good bit less than brand new ones of similar spec. Although this is based on list prices for the new houses which you can usually get a significant discount on.

I also suspect that buyers underestimate the costs associated with moving into a new build, you typically don't get carpets or even a turfed back garden (although both of these are easily haggled into the deal) you will also have to spend £1000s on light fittings, curtain poles, curtains etc, the idea of it being new so you don't have much to do to it is folly IME.

Ben

[K50 DEL]

jdw1234 said:

I personally wouldn't consider a new build of any description over a comparable period property.

Same here, I actively discounted anything built after the early 80s when I was looking for my new place, as every one I saw had tiny rooms, no garden and appeared to be crammed in to the street.

I ended up buying a 60's property that, whilst needing a bit of work has large rooms, a decent garden and a nice feel to the street.

[Noel]

I did the same. Looked at and didn't like anything new. Ended up (hopefully) with a 1967 vintage on a wide street with a decent sized drive way and a back garden bigger than a postage stamp.

[EdJ]

Thanks for the replies, most of which I agree with completely. Thing is, here in SW London, some of the new builds (houses not flats) are actually quite interesting in terms of having off street parking, some are semi-gated or have security guards so there is an element of increased security.

The rooms do seem to be a little smaller than average though, and the prices definitely do not take into account the fact that the various warranties have long since expired. Still, they are not selling so there could be opportunities for a low offer being accepted.

I'm much more keen on Victorian style terrace houses, which is what I live in currently, but it's getting harder to park anywhere near my house as everyone seems to have two or three cars per household nowadays.

[jdw1234]

EdJ said:

Thanks for the replies, most of which I agree with completely. Thing is, here in SW London, some of the new builds (houses not flats) are actually quite interesting in terms of having off street parking, some are semi-gated or have security guards so there is an element of increased security.

The rooms do seem to be a little smaller than average though, and the prices definitely do not take into account the fact that the various warranties have long since expired. Still, they are not selling so there could be opportunities for a low offer being accepted.

I'm much more keen on Victorian style terrace houses, which is what I live in currently, but it's getting harder to park anywhere near my house as everyone seems to have two or three cars per household nowadays.

Just think long and hard about the chances of the other flats/houses in the development you are considering being used for social housing in the future. Both for your quality of life and value of house.

[_dobbo_]

Admittedly it's not in London but we sold our nearly new build (second owner, 7 years old) within about 3 weeks of putting it on the market. With three years remaining on the NHBC warranty and on a nice little development (which I guarantee will never be a council area) it was a great buy for the new owner.

I've moved to a period property and have spent the entire last 4 weeks doing non-stop DIY, I can see the merits of both types of house!

[bigalsdemo]

we bought a new house just over 2 years ago and a few have gone up for sale and sold very quickly, its only a small estate about 50 so very quiet, our rooms are very big 4 bed with 2 en-suites, garage and parking for 2 other cars, some new housing estates are very gud ime

nicola

[TIGA84]

As long term investment, with substantial discount and positive cashflow, new builds aren't a bad thing at all.