New house building- advice wanted

[lesleywilson]

I live in an area where there is about to be a large amount of new houses built, some of which will be the same size as my own. Is it likely that the value of mine will be negatively affected? Should I sell before they are built?
Any advice would be welcome.
Many thanks.

 

[Nicholas Wallwork]

Hi @lesleywilson welcome to the forum!

Have you got any information on what the sales prices will be? If so this will help you figure out if your house valuation will be affected...

Normally new builds are sold at a premium (10-15%) so it could well help your value...

Contact the developer and ask and go from there.

Normally large new build schemes bring more people to an area and make it more popular so once it's "bedded in" it's likely to have a positive upward effect on prices in the area.

Hope this helps

 

[nmb]

It is difficult to make any recommendations without knowing the price of property in the region and the price of the new properties. However, as Nicholas suggested, the introduction of a number of new houses would suggest the developers believe the area is a growth market. Surely this will attract more jobs and more demand for property? In this situation it is difficult to see how this might negatively impact your house price in the longer term?

 

[KGeeson]

Hi Lesley,

is your house very close to where the new builds will be? Will your house become overlooked, lose a nice view, or will the road you live on be a main route to / from the new development? Those are the main things i would be looking into.

 

[nmb]

If there is excessive demand for the new properties then perhaps there may be demand for your property if you are looking to sell? Without knowing the area there would appear to be more positives than negatives because the very fact that developers have highlighted your area shows they have crunched the numbers and they seem to work.

 

[nmb]

In many ways this thread perfectly illustrates the fact that for many of us an investment in our home will be our largest ever investment. It is right to ask questions, it is right to be cautious but if a building company is happy to build new homes in your area then they must see some form of growth potential.