According to the latest SmartNewHomes.com index, prices rose last month, the first monthly increase since December 2007. In an uncertain market, developers need to design and build the right product to suit local needs and price properties keenly to satisfy affordability criteria for both the homebuyer and the lender.
This month all property types recorded a rise except for apartments, which have dropped 0.5%, as the oversupply, particularly in a number of the UK’s northern cities takes its toll.
David Bexon, Managing Director of SmartNewHomes.com, said: “This year, developers are under pressure to deliver the right homes at the right price whether these are larger properties for the family market or apartments for first time buyers and investors.
“Our index recorded that while the number of apartments is down 2% on this time last year, the number of family homes is up 2% showing that the mix is beginning to adjust to meet demand.”
One housebuilder that is striving to cater for local needs is Linden Homes, who has recently experienced a sell out success at its development, Verve in Slough. The one and two bedroom apartments suited first time buyers, owner occupiers and investors who were the target for this town to the West of London, undergoing regeneration.
Helen Todd, Sales & Marketing Director of Linden Homes Chiltern said: “There was high demand for the apartments which had a wide appeal amongst first time buyers who could take advantage of a number of incentives to help them onto the property ladder including 5% deposit, legal fees, stamp duty paid and shared equity schemes, plus furniture packages.”
Bexon continues: “Affordability will remain high on the agenda this year and developers are acutely aware of the difficulties some homebuyers are experiencing in the mortgage market. A strong product built to high specifications, matching local needs will fare well on all fronts.”
See Also: Press Releases (371)
Date Published: 25 April 2008
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