Worcester New Builds...

[AteMoose]

Ive been looking at the new builds in diglis and around worcester, a huge number of city centre flats and houses are being built, new terraces, new bars clubs etc etc, its all very metrosexual. FYI worcester is 40 miles south of birmingham. Looking at the plans it looks like the whole area is about to redeveloped, with at least 800 new properties.

Looked at the new flats around diglis basin, seemed very over priced, there about 190k for a 2 bedrooms, i was shocked, you could buy a 2br terrace house in diglis looking over the river for 140k 2 years ago, the same house is now on the market for 189k. The new developments seem to have given the whole diglis area an air of confidence.

phase 1 of the basin has almost sold out, sales people seem very confident and prices will be higher in the next phase.

Went to a mill conversion release, again to have a look, a different developer but prices are even higher, 165k for a 1 bedroom flat, 2br start at 225k, and 3/2br terrace houses are 340k (no garden). 5 had been reserved in the first two days. It makes the older terrace houses in the area look undervalued and prices seem to have adjusted upwards over the past two years to reflect this. Im confused, how can a new build in the midlands be soo expensive, and how can there be the demand for thousands of new properties.

The royal worcester re-development, looking at the artists impression it looks like the whole factory will be eventually redeveloped, looks like ALOT of flats and houses

http://www.berkeleyhomes.co.uk/index.cfm?articleid=1230

http://www.berkeleyhomes.co.uk/index.cfm?articleid=1229

http://www.rightmove.co.uk/viewdetails-721...pa_n=1&tr_t=buy

What is trully awful is 8 of these flats sold last year (according to the LR) for 50k each, before the development started!

flats in sidbury

http://www.rightmove.co.uk/viewdetails-696...pa_n=1&tr_t=buy

Diglis basin development

http://www.rightmove.co.uk/viewdetails-110...pa_n=3&tr_t=buy

There cant be a long term demand at this value, diglis is going to be carnage in a couple of years when the repossessions start. For the record im a young professional, but i cant even buy a 2br flat in the area! The flats look even more overpriced when comparing to existing property in worcester and teh average prices..

http://www.rightmove.co.uk/viewdetails-723...pa_n=3&tr_t=buy

Edited May 15, 2006 by moosetea

[Pablo-silver or lead?]

'An air of confidence'

will no prevent the market re-ajusting these properties to prices that are based on fundimentals.

Pablo Silver or Lead?