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Trinity Village - Bromley

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Hi All,

We are quite keen on buying our first home around the end of this year. We saw a home in Trinity Village Bromley (new development with about 500 homes being built) ...My husband and I really liked the location and the project. The price being quoted is £360k for a 3bed terraced house. We rent a 2bed terraced house in a better area (in bromley, but closer to the station and shopping mall) and prices are around 250k ( this is not a gated development though and is not new). Wondering if we can negotiate on the price. What premium do new properties command in general? Any relevant info, inputs, advice welcome.

This is the project:

http://www.wardhomes.co.uk/Find-A-Home/New-Developments/H5132-Trinity-Village/?mode=1

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Hi All,

We are quite keen on buying our first home around the end of this year. We saw a home in Trinity Village Bromley (new development with about 500 homes being built) ...My husband and I really liked the location and the project. The price being quoted is £360k for a 3bed terraced house. We rent a 2bed terraced house in a better area (in bromley, but closer to the station and shopping mall) and prices are around 250k ( this is not a gated development though and is not new). Wondering if we can negotiate on the price. What premium do new properties command in general? Any relevant info, inputs, advice welcome.

This is the project:

http://www.wardhomes...Village/?mode=1

New builds do not command any premium at all. Victorian houses do, mainly because no more are being made in that style (high ceilings, large rooms etc.).

I'd offer no more than £275 for any new 3 bed in Bromley (I live in Dulwich).

Sherwick.

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Over the past few years, I have found that new builds have commanded a premium over existing properties, but anyone who pays it will lose most of it on resale. I guess it is a bit like buying a new car - you pay a massive premium because it is new, but when you come and sell it after 3 years that has all gone.

The most extreme example I saw of this was on a flat in Kingston. It was part of the 'Charter Quay' development, and it had been sold (off plan) at £675k in 2001. It is a nice flat - good sized room, large balcony facing the river etc and there were no flats to compare it with directly at the time. The price was astronomical, though, as you could buy a very handsome detached Victorian house in Kingston for that money in 2001.

The same flat went back on the market in 2008. After 7 years of massive house price growth, the ASKING price was £650k. If the owners had invested in the large Victorian house instead, they would have been looking at well over £1.5m.

Back to the Bromley example. After 5 years, I'd expect a new build 3 bed to be worth less than the same sized house in a better location, so probably not much difference between the 2 bed you live in now and this 3 bed. I'd agree with Sherwick - paying £275k seems like an ok deal (£25k for the 'newness'), but any more would be wasted.

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The other thing to remember is that by their nature, developers are greedy. Their prices are based on a 'prices always go up' theory.

There is a developer around here who bought 3 large detached houses to knock down to replace with 20 one bed flats. In my view, he bought the site on the basis he could sell these for £300k each. Similar flats were going for £250k in in 2007, and the developer assumed that the crazy growth would continue, so £300k would be easily achievable by 2009.

In the event, prices actually went down after 2007, so four years later the flats have not been built because the £200k or so that they would sell for now does not cover the developers cost. £300k looks a LONG way away now.

At least your developer in Bromley has built the houses, but I expect the prices will be in line with what he expected to get in the first place rather than reflecting what has happened in the local market since then.

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This is the old Blue Circle Cement sports ground. It is located on the A21 which is very busy indeed. As a residential location it is a bit mixed but the developer is charging top money. Some friends of mine have just bought a bigger 3 bed inter war semi that needs a bit of work in a better Bromley location for about £380,000. You can definately do better for the money.

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This is the old Blue Circle Cement sports ground. It is located on the A21 which is very busy indeed. As a residential location it is a bit mixed but the developer is charging top money. Some friends of mine have just bought a bigger 3 bed inter war semi that needs a bit of work in a better Bromley location for about £380,000. You can definately do better for the money.

I wonder what the bank would say?

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20% premium but you won't get a 20% discount because this premium is the profit. You might get 10% by taking a poorer quality plot.

Knowing the area I am shocked at the price. Better value in old properties and on the Grove Park side:

My link

Hi All,

We are quite keen on buying our first home around the end of this year. We saw a home in Trinity Village Bromley (new development with about 500 homes being built) ...My husband and I really liked the location and the project. The price being quoted is £360k for a 3bed terraced house. We rent a 2bed terraced house in a better area (in bromley, but closer to the station and shopping mall) and prices are around 250k ( this is not a gated development though and is not new). Wondering if we can negotiate on the price. What premium do new properties command in general? Any relevant info, inputs, advice welcome.

This is the project:

http://www.wardhomes.co.uk/Find-A-Home/New-Developments/H5132-Trinity-Village/?mode=1

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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