Given the maxim Location, Location, Location, I wonder if most people choose their new-build for the location or the house.
You can usually change your house a bit, but you can't change the location.
I understand there are small developments and one-off new builds which are slotted into existing communities and can be in great, desirable locations, but what about the bigger estates? Are people actively choosing to live on them because that want that location or is it more about the house?
When people look at non-new houses, they look for location, plus a type of house - ie 3 bed or detached. Usually you type in the area first on a search engine. It often seems to me that with new builds, people want a shiny new house, they want no renovation work and no maintenance costs for a few years - and they have to take those things where they are available. Often the bigger estates are out of town, require children going to new, non-established or tried and tested schools and being part of something which might not fully emerge for 10 years - so actually the 'feel' of the area is unknown. This is very different to buying in an established area - where you buy for the feel of the area as much as the house itself - people go for quirky areas, or trendy areas, or those with cafe culture, or those with lots of young professionals, or those near a specific great school etc. With a new build, it's hard to know how those things will turn out.
I think one of the key reasons new builds often drop in value in the 5 years after they are first bought is that their locations are often not great. Once the house is no longer brand new, the generic estate and issues such as being cut off from the more established communities or not in the catchment of the best established schools, mean people don't want to pay a premium. This is regarding the larger new build estates, which is where the bulk of new builds are located - simply in terms of space, large estates can't be located in the middle of established towns or villages - there isn't space.
So, did anyone choose their new build on a medium to large estate with the location as a key reason for buying? Just interested really - because where does the idea that location is everything fit in with new build locations?