Appetite for purchasing off plan grows
With a shortage of new build property in some of our region’s key cities, the appetite for buying ‘off plan’ is strong. Following a period when development was stunted and very few new schemes came to the market, we are now seeing some of the most hotly anticipated sites come to the fore.
There are high levels of pent up demand for these new homes from a variety of purchasers; from first time buyers and investors to affluent downsizers seeking to retire in the city.
This summer in Bristol, for example, we launched Bridge Quay – a former office building on the city’s floating harbour which is being converted into 59 residential apartments. Within 24 hours of launch all 40 of the released properties were sold off plan. Just one week later we saw a similar pattern as 20 of the 41 apartments released at Cask Store, the latest phase of the Finzels Reach development, sold within a couple of days. All of these sales were agreed based on plans for property which is yet to be completed.
Meanwhile, a scheme of seven apartments in Abingdon sold out in just four hours this Spring before the properties were build complete and over 20 enquiries were received over just three days for a scheme in Cumnor Hill which has yet to begin construction.
Savills has been instructed on a number of additional developments across the region which will be rolled out throughout the summer and into the autumn months. This will go some way to meeting the demand for quality new build and converted properties in our most desirable cities.