New build prices
Discussion
Having just relocated to the north east, I have now started to look for something to buy in an effort to escape the 70's style swirly carpets of my rental gaff.
at the weekend I scoped out some new builds, and researching the local sold prices I can see that similar houses to current stock were sold as new builds in 2009 for 30% less that the current price, and resales of those new builds are 20% less than the current new build price.
does this give some indication as to the mark up and therefore potential deal that might be struck?
Any experts have an opinion?
at the weekend I scoped out some new builds, and researching the local sold prices I can see that similar houses to current stock were sold as new builds in 2009 for 30% less that the current price, and resales of those new builds are 20% less than the current new build price.
does this give some indication as to the mark up and therefore potential deal that might be struck?
Any experts have an opinion?
Don't know a thing about building houses or the cost thereof, but I would guess your ability to do a deal will depend more on market forces than mark up.
Sounds like you have researched the market for the type of house you are interested in.
Take some evidence of this and have a chat with the seller. Bear in mind they will also know the the market in which they are selling to. If they think they can sell it for more than your offer to someone else, then they will turn it down.
Your buying position will also dictate how attractive your offer is.
Sounds like you have researched the market for the type of house you are interested in.
Take some evidence of this and have a chat with the seller. Bear in mind they will also know the the market in which they are selling to. If they think they can sell it for more than your offer to someone else, then they will turn it down.
Your buying position will also dictate how attractive your offer is.
The thing is I'm rubbish at haggling - but the phrase "if you are not embarrassed by the lowness of your offer, it's not low enough" keeps springing to mind so I'm hoping to bag a bargain,
We are in rented, with a good potential for finances, The market seems generally pretty slow, but n the last few weeks things that I have been following seem to be disappearing - some sold not sure about the others!
The price increases in new build prices on the same development surprised me, given the current climate that we read about
We are in rented, with a good potential for finances, The market seems generally pretty slow, but n the last few weeks things that I have been following seem to be disappearing - some sold not sure about the others!
The price increases in new build prices on the same development surprised me, given the current climate that we read about
I'm guessing you were somewhere like Great Park?
IMHO the developers bought the land at the top of the market and started building to a grand plan. The first sections to be completed were sold and some of those are coming back on the market because people are realising they may now be living on the edge of a building site for the next 10-15 years, and the proposed "village" centre with amenities may be a long way off.
Meanwhile the developers are pressing on, albiet slowly, with the remaining stages of the development. They still want to make money on the land, but still have all the overheads of running a site, buying materials, employing labour etc etc.
So they are limiting the availablity of new build houses and pushing the price up to a point where only those people who really need / want a new build will buy?
IMHO there are far nicer, established areas to live / buy in the North East. However, I can see the attraction of choosing a new development for someone relocating here.
IMHO the developers bought the land at the top of the market and started building to a grand plan. The first sections to be completed were sold and some of those are coming back on the market because people are realising they may now be living on the edge of a building site for the next 10-15 years, and the proposed "village" centre with amenities may be a long way off.
Meanwhile the developers are pressing on, albiet slowly, with the remaining stages of the development. They still want to make money on the land, but still have all the overheads of running a site, buying materials, employing labour etc etc.
So they are limiting the availablity of new build houses and pushing the price up to a point where only those people who really need / want a new build will buy?
IMHO there are far nicer, established areas to live / buy in the North East. However, I can see the attraction of choosing a new development for someone relocating here.
Yeah, great park ticks some boxes in terms of convenience, the established bit is very claustrophobic, but the newer section near kingston park doesnt seem so dense (at the moment.
I work in northumberland and teeside and we are renting in gosforth currently - the general area seems to work well for us. The new builds do well with regards things like garaging compared to similar priced gosforth properties.
I work in northumberland and teeside and we are renting in gosforth currently - the general area seems to work well for us. The new builds do well with regards things like garaging compared to similar priced gosforth properties.
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