As you approach London from any of its main roads, it is often mind blowing to see how many cranes there are and how many enormous building sites seem to be cropping up as if from nowhere.
If you are looking to invest in a new flat or house in a new development in London, it can be rather overwhelming to know where to start. With new developments, this is often even more complicated when trying to work out who to talk to – depending on the stage of the development, do you go to the developer, one of the agents or to go to the sales and marketing suite?
Buying a property ‘off-plan’ requires a great deal of ‘visualisation’ and foresight. Developers will be keen, for example, to push the least good apartments which may be the most difficult to sell. Scale models, drawings and all of the paperwork which comes with the initial marketing material should be looked at very closely to ensure you are buying the best property you can.
Here are a few tips on ‘do’s and don’ts regarding buying a brand new property, but obviously using a buying agent to walk you through the process is by far and away the best way to go about this is it can be a minefield.
So which development should I go for?
There are hundreds of developments that we could recommend. Here are a few:
Battersea – with a myriad of new blocks appearing in and around Battersea Power Station and the ‘promise’ of the Northern Line extension then this is potentially a great place for future growth. There is a danger of oversupply but long-term growth will benefit from the new shops, restaurants and transport links.
Elephant and Castle, Bermondsey and Borough – great transport links are already in place and regeneration schemes have lifted the neighbourhoods from Grade B status.
For the larger budgets – The Lancasters in W2, or Thornbury Gardens in W8, One Kensington Gardens in which two bedroom flats start at £6m, and Kensington High Street in Kensington.
Clapham (The White House), Balham (Balham walk and Devonshire Place) and Fulham (London Square, New Kings Road) – for smaller blocks comprising one and two bedroom apartments which are perfect for a pied-a-terre or rental investment in London.
If you are interested in buying a property in new developments across London whether for a pied-a-terre, long-term capital growth or rental investment we strongly advise that you seek advice from a professional buying agent.