New-build prices are down, is it time to buy a bargain?
Buying agents and estate agents are reporting that the new-build market has experienced a significant fall in confidence and value after the Brexit vote. Agents are urging buyers to be cautious, especially with property in large-scale new-build schemes in London, amid concerns that it will take years of capital growth to recover the premium paid for purchasing new-build homes in a weak market.
……Peter Baugh, an IT contractor, is in the process of buying two apartments — one for himself and one for his mother — in The Residence, a new-build development in York. He and his mother last week exchanged on the two properties — his for £395,000 and his mother’s at £790,000 — using a combination of cash and a bridging loan provided by Private Finance, while waiting for his mother’s assets to become available.
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