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New homes market in Central London
A significant feature of the current new homes market in Central London, is a
growing trend for property developers to sell their residential developments "off-plan",
almost as soon as their planning consent has been received. Fine out current new
homes in london .
New Apartments- No. 1 Lambs Passage, EC1 - London
MAIN FEATURES
* Studios, One & Two Bed Apartments
* Prime City Location
* Excellent Specification
* Completion Autumn 2009
* Unrivalled After Sales Service
Call - +442072501012 or Email - sales@h-s-c.co.uk
Limited "off-plan" selling has been evident throughout the 1990's but its recent acceleration can be attributed to the considerable influence that overseas sales play in the London market.
Property exhibitions in the Far East are a tried and tested route for quality London developments. Developers are able to secure early "off-plan" sales and exchange contracts on the majority of their units - and, in exceptional cases, their entire development - over a single weekend.
Overseas purchasers rarely visit the UK to view their new property until after completion, provided that the developer has a proven track record and all relevant information -including detailed specification, estimated service charges and local information - is contained within the marketing material. Despite the sizeable marketing costs involved this has been a successful formula for many developers.
Now with the domestic market being so active, developers have started to offer increasing numbers of new schemes "off-plan" in London.
Early sales are usually to investors looking to secure the best properties as rental investments. Once a "show flat" is available, further sales follow quickly to purchasers who are prepared to exchange contracts early and then decide the right moment to sell their existing home or rent in the period up to completion. By exchanging early, purchasers are able to secure the property of their choice and fix the price in a rising market. In some cases completion of the development can be up to 18 months away
"Off-plan" sales during 1997 have reached unprecedented levels and our research shows that, of the expected
1,500 new homes that will be completed in the City and Clerkenwell in 1998, 30% have already been pre-sold; and that this number is likely to reach 40% by the end of this year.
This situation is likely to reduce the number of new homes on the market at any one time, and contribute to the recent shortage of available property that has underpinned the strong residential market over the past two years.
Hurford Salvi Carr prepare thorough marketing strategies for each new development and, whilst each report is individually tailored to ensure best advice, we target both overseas and UK pre-sales.
If you would like to find out about future developments or talk to a member of our company about current developments, we will be delighted to hear from you.
During the past 12 months, Far Eastern exhibitions have reached record numbers in a frenzy to beat the hand over of Hong Kong to China and also to provide developers with liquidity to acquire further sites in London. Many schemes are sold before construction or refurbishment has commenced. To protect residents in Hong Kong and Singapore, legislation exists to ensure that development brochures carry the planning consent reference number and date, as it has been known for properties to be sold without the relevant consents having been granted.
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