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Increasing numbers turn to off plan property

21st November 2005 | back to article listings BACK    print this article PRINT

Off plan property is fast becoming the ideal way to snap up the ideal property for home buyers and investors alike, according to a survey released by Linden Homes today.

The company, which specialises in providing off plan services, said that increasing numbers of people are now looking at hand-picking every aspect of their house. According to the firm's figures, 37.5 per cent of off plan plots are currently being snapped up by investors who see an opportunity for maximising their income and suiting a property to their needs. For the remaining 62.5 per cent of plots which go to home buyers, it can often be the ideal way to ensure the property is just perfect.

The advantage of buying off plan means that everything – from cherry picking the best view, to designing the number of bedrooms and choosing how many garages to have – can be picked by the buyer, allowing them to shape the house exactly for their needs. Investors especially are often hit by planning restrictions and awkward redistribution of space when refurbishing such property as an old town house for letting.

Buying a property at this year's prices also means that in today's market it will have gained in value before the customer has even moved in, and such moves are seen by many analysts as a hedge bet on the future state of the market. And, by creating their own house, off plan buyers are also guaranteed to totally bypass the threat of being gazumped – a frequent though unwelcome experience for so many buying existing properties.

Philip Davies, chief executive of Linden Homes, said the company was attracting many new customers: "Traditionally the domain of professional investors, off plan purchases are becoming more attractive to owner-occupiers who are less daunted than they used to be about buying something they can't see. The procedures in place are now more or less universal and follow a well-established system that will take customers along a clearly marked path from initial perusal to final possession."

After a few months of prices slowing down, the market has seemed to be picking up of late. Sales activity has seen a modest increase and surveyors are reporting a rise in buyer activity of eight per cent from their low in February, though the figures are still five per cent down on a year ago.

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