sweltering heat in summer with no A/C. next to a high street / trains, noisy when you open the windows. no airflow anyway because only 1 side has windows.
How much do they cost? And what amenities do they have?
Yeah, exactly
Leasehold and ongoing service charges fairness – needs reform.
Well they don’t want to build new homes it’ll cheapen their profit margins
Shared Ownership is the biggest scam that many young people have fallen into. Nothing wrong with it until you see the service charge increasing yearly to unaffordable rates.
And in a market that is apparently crying out for homes to buy we see greed screw things up again.
So if demand drops so should the price… Right?
New Build horror stories are everywhere, so consumer confidence is at close to zero.
Most of them are transparently trying to fleece new buyers and if they have to write off their scam homes and eat the loss, that’s a positive. But in the meantime we do actually need new homes people can buy without being financially trapped.
because most of them are for shared ownership which is fortunately most people realise is a massive fucking scam
that and leasehold charges (which will be changing tbf which is why some people may be holding off) mean it just ain’t feasible. i’d buy in london in a heartbeat if i could
Lower the cost to be affordable for first time buyers and they will sell in no time. Article is very misleading because it’s actually because so few flats are being built, often it take up to 5 years to finish so this just shows what a mess the Tories made with housing.
The government should never have stopped building houses. Widespread social housing made sure there was always a good supply of relatively-cheap, relatively-good housing available that the private sector couldn’t suppress and had to complete with. They may not have been perfect, but they provided a baseline and ensured private housing couldn’t get too ridiculous because then people would ignore them in favour of social housing.
Bring back large-scale government building of housing.
Voting with their wallet.
People are also selling up before rent reforms kick in, a good time to buy?
probably because New build homes suck.
They’re just not being built. Can’t buy what doesn’t exist.
Local councils are buying up buildings which might also be affecting the statistics mentioned in the article for private buyers. I know RBG bought a few more new build blocks in the North Greenwich area.
So I work in the housing development industry and my experience in the last 18 months reflects this. Very few developers are building traditional homes or flats and the few schemes that are coming forward and getting planning permission are not being brought forward due to viability.
It’s a complicated issue, but the HSE fire gateway process has added about 10% to build costs and months to programmes and materials have gone up about 20% since COVID. Ultimately the market will probably correct itself in time, but it’s not looking great for housing delivery in the near term.
Yes because they are built to a horrible standard, they usually have high service charges that will be rising every year, they’re usually leaseholds and they are not fit for family living (usually people in London who are in a position to buy a property are also looking to start a family or already have one)
Help to buy was a mistake. Should have been spent building affordable homes not prop up expensive garbage. Now you have situation where those that bought flats have seen limited growth or are facing negative equity.
Headline should be “construction of new build homes collapses…”
Obviously people can’t buy homes that don’t exist
[deleted]
Because no one has any bloody money
Why can’t we just force builders into building? Building homes for the average person is not supposed to be path to riches, it’s just supposed to happen. And it happens in every country except this one.
4500 new houses in the UK were all sold to Blackrock, the US company that is buying up all houses in the USA. Then they control the rental market.
Pay the going rate, or buy a tent.
I live in a new build (as a renter). Our block of flats is in a nice area in Ealing, part of a big project to re-do a previously not-so-nice neighbourhood, and it’s all looking beautiful from the outside.
But then… We had non-stop issues with water, with heating, with hot water. We’ve had our lift out of action for 170 days (yes, a hundred and seventy days) this year so far. The car park shutter is broken again, and has been broken for the past month. The service charge keeps on going up, the upkeep remains the same (or declines) and the management company (L&Q) is just *bad*. Which is par for the course, since no one in position of power gives a flying rat’s derriere about them. Our local council doesn’t, the individual councillors for our ward don’t, the ombudsman doesn’t, the goddamn minister doesn’t. My MP tried, but was fobbed off.
Then to add to this litany of issues, these houses are just badly built. Tiny, cheaply made, absolutely no ventilation (which in summer makes them furnaces), they’re just *cheap*. Plus, my landlady tells me that the ground rent is also increasing because, well, reasons.
So… yeah, as long as they keep on building crap, sell it at extortionate prices and then fleece people ad aeternum can anyone be surprised that folks are wary of buying? I wanted to buy a new build, now… hell no.
£500k 1 bed / £700k+ 2 bed leasehold apartments with £6k annual service charges nowhere near a tube station. New build apartments are awful deals, and largely inaccessible to first time buyers.
“Just 19 houses and flats newly built by private developers were recorded as changing hands in May across the whole of the capital, according to new data from the Land Registry.”
I can believe the figure was low but 19 in a month in the whole capital. Sounds like the land registry has not been doing its job.
Because people are catching up to the fact that unregulated service charges are a big ass scam.
29 comments
sweltering heat in summer with no A/C. next to a high street / trains, noisy when you open the windows. no airflow anyway because only 1 side has windows.
How much do they cost? And what amenities do they have?
Yeah, exactly
Leasehold and ongoing service charges fairness – needs reform.
Well they don’t want to build new homes it’ll cheapen their profit margins
Shared Ownership is the biggest scam that many young people have fallen into. Nothing wrong with it until you see the service charge increasing yearly to unaffordable rates.
And in a market that is apparently crying out for homes to buy we see greed screw things up again.
So if demand drops so should the price… Right?
New Build horror stories are everywhere, so consumer confidence is at close to zero.
Most of them are transparently trying to fleece new buyers and if they have to write off their scam homes and eat the loss, that’s a positive. But in the meantime we do actually need new homes people can buy without being financially trapped.
because most of them are for shared ownership which is fortunately most people realise is a massive fucking scam
that and leasehold charges (which will be changing tbf which is why some people may be holding off) mean it just ain’t feasible. i’d buy in london in a heartbeat if i could
Lower the cost to be affordable for first time buyers and they will sell in no time. Article is very misleading because it’s actually because so few flats are being built, often it take up to 5 years to finish so this just shows what a mess the Tories made with housing.
The government should never have stopped building houses. Widespread social housing made sure there was always a good supply of relatively-cheap, relatively-good housing available that the private sector couldn’t suppress and had to complete with. They may not have been perfect, but they provided a baseline and ensured private housing couldn’t get too ridiculous because then people would ignore them in favour of social housing.
Bring back large-scale government building of housing.
Voting with their wallet.
People are also selling up before rent reforms kick in, a good time to buy?
probably because New build homes suck.
They’re just not being built. Can’t buy what doesn’t exist.
Local councils are buying up buildings which might also be affecting the statistics mentioned in the article for private buyers. I know RBG bought a few more new build blocks in the North Greenwich area.
So I work in the housing development industry and my experience in the last 18 months reflects this. Very few developers are building traditional homes or flats and the few schemes that are coming forward and getting planning permission are not being brought forward due to viability.
It’s a complicated issue, but the HSE fire gateway process has added about 10% to build costs and months to programmes and materials have gone up about 20% since COVID. Ultimately the market will probably correct itself in time, but it’s not looking great for housing delivery in the near term.
Yes because they are built to a horrible standard, they usually have high service charges that will be rising every year, they’re usually leaseholds and they are not fit for family living (usually people in London who are in a position to buy a property are also looking to start a family or already have one)
Help to buy was a mistake. Should have been spent building affordable homes not prop up expensive garbage. Now you have situation where those that bought flats have seen limited growth or are facing negative equity.
Headline should be “construction of new build homes collapses…”
Obviously people can’t buy homes that don’t exist
[deleted]
Because no one has any bloody money
Why can’t we just force builders into building? Building homes for the average person is not supposed to be path to riches, it’s just supposed to happen. And it happens in every country except this one.
4500 new houses in the UK were all sold to Blackrock, the US company that is buying up all houses in the USA. Then they control the rental market.
Pay the going rate, or buy a tent.
I live in a new build (as a renter). Our block of flats is in a nice area in Ealing, part of a big project to re-do a previously not-so-nice neighbourhood, and it’s all looking beautiful from the outside.
But then… We had non-stop issues with water, with heating, with hot water. We’ve had our lift out of action for 170 days (yes, a hundred and seventy days) this year so far. The car park shutter is broken again, and has been broken for the past month. The service charge keeps on going up, the upkeep remains the same (or declines) and the management company (L&Q) is just *bad*. Which is par for the course, since no one in position of power gives a flying rat’s derriere about them. Our local council doesn’t, the individual councillors for our ward don’t, the ombudsman doesn’t, the goddamn minister doesn’t. My MP tried, but was fobbed off.
Then to add to this litany of issues, these houses are just badly built. Tiny, cheaply made, absolutely no ventilation (which in summer makes them furnaces), they’re just *cheap*. Plus, my landlady tells me that the ground rent is also increasing because, well, reasons.
So… yeah, as long as they keep on building crap, sell it at extortionate prices and then fleece people ad aeternum can anyone be surprised that folks are wary of buying? I wanted to buy a new build, now… hell no.
£500k 1 bed / £700k+ 2 bed leasehold apartments with £6k annual service charges nowhere near a tube station. New build apartments are awful deals, and largely inaccessible to first time buyers.
“Just 19 houses and flats newly built by private developers were recorded as changing hands in May across the whole of the capital, according to new data from the Land Registry.”
I can believe the figure was low but 19 in a month in the whole capital. Sounds like the land registry has not been doing its job.
Because people are catching up to the fact that unregulated service charges are a big ass scam.
This city is strangling itself.
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