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Buying A New Build Flat In London


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Hi,

Anyone got any opinions on buying new builds? Am looking at a 1 bed flat in London, that I know I could live in for a few years, then sell or rent out as opposed to continue renting as I do now (my rent would equal the same as a repayment mortgage).

Thoughts?

Are they a good buy?

Do they lose value quicker than traditional converted flats?

The area is always in demand for rent so I don't see it being too risky if I pay the right price.

Is it harder to get a mortgage for these though?

Thanks,

J

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Hi,

Anyone got any opinions on buying new builds? Am looking at a 1 bed flat in London, that I know I could live in for a few years, then sell or rent out as opposed to continue renting as I do now (my rent would equal the same as a repayment mortgage).

Thoughts?

Are they a good buy?

Do they lose value quicker than traditional converted flats?

The area is always in demand for rent so I don't see it being too risky if I pay the right price.

Is it harder to get a mortgage for these though?

Thanks,

J

New builds are usually overpriced and can lose about 15% of their value on the day you move in, much like a new car when driven off the forecourt. For this reason banks usually require you to have a bigger deposit if they are to lend you a mortgage (80% as apposed to 90% LTV). As they are purpose built there can be advantages over a converted property, also you may get to chose the internal decor and fixtures and fittings. As with any purchase remember the old adage "caveat emptor".

Good luck

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