By James Greenwood of Stacks Property Search
James Greenwood, managing director of buying agent Stacks Property Search, says: ‘Show homes are so beautifully dressed and the developers are so clever at putting in furniture to make it look bigger than it is — but they just don’t have the space.’ Buyers who pay over the odds for new-builds are taking a huge risk.
Many are taking out 90 per cent and 95 per cent mortgages, with figures showing banks are offering a record number of these deals. But buyers with such a small amount of equity in their homes are incredibly vulnerable if prices fall. Mr Greenwood says a new house returning to the market within a year is usually priced 10 per cent below its original value.
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