Property experts say it could be an ideal time to buy a new house. For people investment planning in Cheshire or Oswestry, there are new-build properties in high supply in many areas across the nation.
There are a number of reasons for this, which need to be considered carefully. Housebuilders have struggled with oversupply at a time when buyers have been deterred by the wider economic picture. Against this backdrop, estate agents have talked of a ‘buyers’ market’, with some offering price drops of up to 13%.
A spokesman for Property Hub said conditions in the property market are more benign than at any time in the last 10 years, whilst Chestertons reported a 21% decrease in new buyer enquiries for new homes. As such, there is currently a supply and demand imbalance in the new-build market. With developers needing to meet annual sales targets, this may present good opportunities to for consumers to haggle.
To some extent, the current state of the property market is the result of largely unsubstantiated tax rumours that circulated ahead of the Budget, which was announced in November. In the end, an additional 2% National Insurance landlord surcharge on landlords and a higher-band council tax surcharge, colloquially referred to as the ‘mansion tax’, were introduced in the Budget.
Property experts advise buyers to shop around for the best deals and locations, and to do some homework on the developer’s financial health to maximise your negotiating hand. You should also consider additional incentivising perks such as paid stamp duty, legal fees, free furniture packs or installation upgrades. Remember, timing is of the essence and that window of opportunity might not last long before the market picks up again in 2026.
