There’s been an unexpected rise in the number of new homes being bought off-plan, according to a leading local estate agent.
Mullucks Wells, with offices in Bishop’s Stortford, Great Dunmow and Saffron Walden, has noticed a sudden increase in the number of buyers choosing to purchase their new home before the building has even been completed.
Mullucks Wells’ Director, Daniel Galati, said: “2012 saw a real improvement in the demand for new homes. But the last six months has really taken us by surprise with more and more buyers making deals off-plan. In fact, some of our recent developments are selling more than half their plots before completion.”
For example, the Hargrave Mews development in Stansted Mountfitchet sold four out of five plots off-plan.
Also in Stansted Mountfitchet, over half of the nine plots at Norman Quarter, Benfield Green have sold off-plan already.
Meanwhile, in Bishop’s Stortford, three of the nine plots on the Rye Street development have already been sold off-plan.
Daniel Galati added: “Six months ago this amount of interest was simply unheard of. We know that buyers are looking for low maintenance, efficient homes and that’s just what they’re getting with a new build. But they also want to have their say on things like the finishes of kitchens and bathrooms and by buying off-plan they often get that opportunity.”
“We are expecting this new home trend to continue in 2013 and we’ll be encouraging builders and developers to release plots as soon as possible so that buyers can make their choice.”