Off-plan buyers ‘see £26,000 uplift before moving in’
Summary
Foxtons says off-plan buyers in London may benefit from house price growth during the build period, with an average uplift of about £26,255 before completion based on its analysis. The article also notes that Hamptons has warned off-plan sales have fallen to a 12-year low, which could make it harder for government housebuilding targets to be met.
Why it matters
For residential property surveyors, the piece highlights continued demand and pricing movement in the new-build/off-plan market, particularly in London. It also provides context for valuation assumptions on completion timing, market movement during construction, and buyer expectations.
Key points
- Foxtons estimates an average 4.9% price uplift for London off-plan buyers over an estimated 21-month build period.
- The average new-build price cited is £535,157, rising to £561,412 before completion.
- Potential uplifts vary by area, with Islington and Richmond upon Thames highlighted as higher-growth examples.
- Hamptons says off-plan sales in England and Wales have fallen to 33% of new homes sold before completion, a 12-year low.
- The decline in off-plan sales is presented as a possible challenge to housebuilding targets.
Organisations:
Foxtons, Hamptons, The Negotiator
Locations:
London, Bromley, Islington, Richmond upon Thames, England and Wales
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