A growing number of people are choosing to reserve a new house months ahead of its expected build completion date in order to reap the benefits of off-plan homes, according to Bellway West Midlands. The national housebuilder’s West Midlands division believes benefits such as selecting a plot, having design input, and access to record-low mortgage rates are the main factors driving the increase in off-plan reservations.
Analysts at real estate company JLL predict that property prices in the West Midland will rise by 21.1 per cent by 2020. Stephen Rose, Sales and Marketing Director for Bellway West Midlands, explained the appeal of off-plan purchasing. He said: “People are generally happy to reserve months in advance and wait for their dream home to be built if it means they can move into a home that they have had a hand in customising.
“We find that our residents most look forward to choosing the finishes throughout their new house but the choice of plot location at the site and option to select one that comes with a garage or south-facing garden is also a bonus for off-plan buyers.
“Simply put, there are many benefits of buying a new home off-plan that can’t be replicated on the secondhand market.” In addition to the aesthetical benefits of buying off-plan, recent housing trends have also resulted in many new build homes being valued more highly upon build completion than the price they were originally reserved for some months ago.
“Buying off-plan has become a wise business investment,” Stephen Rose continued. “With the latest industry reports confirming the continued rise of house prices, buyers reserving at today’s prices are more than likely to have made money on
their new home by the time they move in.”
“There is a huge demand for new homes across the West Midlands, with Birmingham’s population alone predicted to grow by 150,000 in the next 16 years.
“We are committed to delivering quality new homes across the region to help met this need, and look forward to welcoming more visitors to our sites in the coming weeks.”