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Northern Monkey

New Build's Not Moving

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Does anyone have any figure's on the proportions of properties selling broken down into new build v's older (resale) property?

A friend of mine is trying to buy a new build in a suburb of Nottingham. It is a beautiful house, but 226k for a 3 bed new build show home in an average (mixed ex LA housing) suburb of Nottingham seems ludicrous to me.

The interesting point I raise is that as he is buying a show home, and their are many new plots on the estate that must sell first, he has just been told that their move in date has been put back again to at least November!

In the word's of the Home Builder's vendor - "Unfortunately we haven't had any interest now in the other properties for 4 weeks!"

I believe their are at least 10 properties left to sell.

I thought their was supposed to be a shortage of housing................?!

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Can't give you any figures but here's a gem of information...

Near where I live some new apartments were being built last spring. I had a stroll down for a chat with the sales guy and he told me I could buy one of a range of two-bed apartments off plan for prices starting from £164,950. They're built now and, needless to say, not shifting. They're now being advertised for £124,950! Given that wages in my area are typically anything from the minimum wage up to about £18K, with just a small number of professionals doing better than that, they'll have to come down a lot more before there's any interest.

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  • 339 Brexit, House prices and Summer 2020

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