Exclusive development generates huge interest as new-build market rebounds
An exclusive development of 14 new homes in Manchester has already attracted buyers, with 70% of the scheme’s homes selling within the first 10 days of being on the market with Savills.
Built by Manchester-based property developers Cube Homes, the mix of four- and five-bedroom properties are nestled within the semi-rural location of Whitefield and offer breathtaking views towards Holcombe Hill.
Within 10 days of being launched, 10 of the properties had already been purchased, providing an example of how new-build homes are sharing in the remarkable recovery of the UK housing market.
According to Savills’ latest report, rural locations are currently the biggest beneficiaries of this jump in demand, with the rebound boosted by pent-up demand, the stamp duty holiday and the experience of lockdown.
Across the housing market, the number of sales agreed in September 2020 was 92% higher than in the same month last year, while Savills new homes reservations in quarter three represented the highest quarterly total ever recorded.
Ani Kraja, part of the Northern new homes team at Savills in Manchester, said: “We have been inundated with enquiries for the homes at Holcombe View and it is quite easy to see why. In addition to each home coming with a very high specification, the homes are only a stone’s throw away from the town of Whitefield and are close to the banks of the River Irwell, and so offer the tranquil, semi-rural location and space that many buyers are seeking.
Ani Kraja
“There’s no doubt the housing market has experienced a significant recovery – as the surge of interest in Holcombe View has shown.
“And while agreed sales have increased across the UK, so have price reductions – suggesting the market is price sensitive. And on a weekly basis, the rate of growth in sales has started to slow.
“Despite this, demand is likely to be sustained throughout the first part of next year in the run-up to the end of the stamp duty holiday, and towards the March and May deadlines for Help to Buy completions under the current criteria. This is likely to be in the face of a harsher Winter, economically, with the ending of the furlough scheme and returning uncertainty around Brexit.
“Beyond that point, the strength of the economy is likely to become more relevant to the housing market again. Though, if banks continue to be risk-averse, this may continue to benefit the lower end of the new build market, especially for those able to use Help to Buy and shared ownership.”
