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house prices - how do new homes affect current property valuations?!

(3 Posts)
ElfOnTheTopShelf Sat 20-Sep-08 17:58:53

A while ago, the pub near my house was knocked down and has now nearly been finished being turned into apartments and houses.
The two bedroom apartments are going on the market at 89950
My house (next street up) is on the market, its 2 bedroom and on the market at 89950
Does that mean my house value goes down or stays the same?
TIA!

ElfOnTheTopShelf Sat 20-Sep-08 18:02:56

sorry, the 1 bedroom apartments are at 89950
Not sure how much the 2 bed apartments are.
There are 2 and 3 bedroom townhouses as well.
But starting prices are 89950 which I am assuming is for the 1 bed apartment?

Chocolateteapot Sun 21-Sep-08 03:33:48

New builds are notoriously overpriced and were the first things that mortgage lenders tightened up on ie. Some required 25% deposit on new build flats. So I think the answer is really that it doesn't do anything to the value of your house, which is decided by what similar properties are selling for (not what they are on the market for).

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