The South East property market is quietly undergoing a revolution in the buyer’s market. Since 2001, the average house price has shot up by over £85,000 according to recent statistics from Nationwide.
However, with the UK’s impending departure from the EU seemingly affecting current house prices, a new buyers market is quietly emerging.
“Prices grew by only 0.3% in the year to November, down from 1.5% in October.” Halifax says.
Property development finance has enabled first-time and established property developers to finance development projects in counties such as Kent, Essex, Sussex, Hampshire & Surrey and in London.
Hunter Finance is conducting an exhaustive study into which property type is earning our clients the most profit. Hunter Finance is always assessing and analysing the different property markets in each county to see which project is viable for finance.
When it comes to property development, there’s a misconception that building luxury homes and flats guarantee to attract potential home buyers.
“In 2018, over half of the 1,900 luxury apartments built in London failed to sell last year. “ FT.com
Although high-end properties are faltering, the demand for new homes remains. In fact, Savills estimates that around 58% of property demand by Londoners is for homes priced at £450 psf and below but currently, only 25% of new homes are being built for that price range.
“We need affordable one or two bedroom apartments priced at £500,000,” says Steven Heard, founder and chief executive of MyLondonHome. “We don’t need swimming pools and empty rooftop bars with no one living at home to buy drinks at them. There’s just way too many £1.5m-£2m-£3m flats that all look the same,” he adds.
Statistics for first-time buyer mortgage approvals for 2018 show that it hit its highest level in 10 years. An estimated 367,038 first-time buyers mortgages were approved during 2018 with first-time buyers taking advantage of low rates.
So, are you building the right property for this new market and are you offering the right level of luxury or economy features.
Hunter Finance takes a closer look at a few popular areas with property developers and what type of home you should be looking to build.
Our funding is designed to be incredibly flexible and to get the necessary funds at your disposal as quickly as possible.