New development next to us: will we ever sell?

[Yumyumbananas]

Planning permission is in for a huge new development next to us of 400 houses. We live on a development of around 100 houses built around 4 years ago. We want to move to another area within about 3 years. Is this new development likely to cause us trouble when it comes to selling?

You know the answer to this already don't you? I'd get in there ASAP & price seriously to sell before the building work starts tbh. You'll have a helluva job shifting it once the new builds become available unless you price it super low.

Unfortunately unless they’re a different style e.g yours is a detached and they’re all town houses.
Or if you’re in the top school catchment area. You may have to accept you’ll have to sell for 10-20% less than the brand new builds of the same size/style.

Because you’re house is no longer New so doesn’t carry that 10-20% premium and also new builds get all the part exchange offers etc etc.

This obvouisly depends on area. Some new builds in top school catchments or in super desirable areas seem to poo poo on my made up rule... and you may find people want yours as it’s already built and you’ve corrected all the snags and they love your choice of decor.

I'd start looking into selling now rather than waiting for the building work to start

Actually, your best hope is that they just crack on and get them built. It's the uncertainty and the noise of building that puts people off.

It is not a desirable school catchment (hence why we are moving!). We are in a mid-terraced townhouse. The new ones look to be detached and semi two floor houses.

Yes I did already know the answer.... gutted!

That's the problem with buying new houses. I'm sure the people next to your development weren't best pleased either. If planning has been granted you will have to accept whatever you can get or stay put - new builds tend to loose about 20% of value initially (obviously depends on how prices in the area are on average too)

You might be able to px to another new build?

Uncertainly and noise would put me off, but I'd rather buy a well decorated 2nd hand new build than a brand new one but maybe that's just me

Anniehm - if we were not looking to move in the near future then the new development would be welcome! It would possibly help improve this area by further diluting the older, rundown properties.

No point in rushing to sell before the houses are built, the development will come up on the searches anyway. AJP has nailed it, the sooner they are built the better, then prospective buyers can see what they are buying into.

Really does depend on the area. Three new estates are going up on the outskirts of our town. The estate agents report good sales of used (preloved?) properties because people look at the area, drawn in by the new developments, decide they like it, then realise how much more they can get for their money elsewhere in the town.

I waited til the development near me was complete, it was just a small 6 terrace development.

But I just knew people would rather buy with certainty then not knowing if what was planned was affordable development etc and after the dust had settled so to speak.

I'd just get sold before the digging starts but I think you will take a bit on your price til the development is all sold and settled. Especially if you are what's seen as a new build too

With new builds you can get help to buy schemes/part exchange and you get to choose your kitchen/bath tiles/flooring etc. If you can move now then do it. People will know the estate is coming but will move now anyway. Planning permission to starting takes a while, and 400 houses could take up to 3-4 years to build and sell. So either look to market next month or stay still for 5 years.

Ours dropped whilst 3 new builds weee happening but is now better as the area has finished building and has gone up in house price due to bigger houses etc

Similar will be happening to us, I'm not too concerned as I'm certain they're going to put them on for silly prices and we should be able to undercut them while selling at a price that works for us. I suppose the biggest concern will be competing with HTB as ours is a starter home really.

Yes it is likely to cause you an issue. It certainly did for several of my neighbours. People who buy new houses are likely to choose the house with brand new bathrooms and kitchens over ones that are 4 years old.