By David Walker, in charge of new homes at Bidwells in Norwich
Within Residential property, the sector that will see the most change is without doubt the New Build industry. With the mountain of legislation that has come into force in recent years – HIPs, EPCs, eco codes, not even to mention the incoming Consumer Code, the industry has never been more regulated. I am sure in the long run that some of these changes will bring advantages, but it does bring a lot of red tape to both buyers and developers. In many ways much of this could not have come at a worse time for house builders, the credit crunch and house price readjustment meant that companies were struggling to keep up in the first place without these additional changes. Ultimately any recession will bring adjustments, and this one will be no different. Despite the wonderfully wide variety of property we sell – North Norfolk sea front apartments to individual village family homes, to large consortium sites to city centre high rise – you can divide them into two camps; flats and houses. Flats and Apartments have been the sector under most under scrutiny, and in fairness this is probably due to many schemes nationally not being the right product in the right place. However on the whole houses on Greenfield sites have seen more stability, this is because they offer more options for more segments of the market, first time buyers, young families, professional couples, retired purchasers and so on. So what are purchasers going to be buying in the future – flats or houses? They are going to look a little different, Eco home design is going to have an impact, and the local authorities will still push for higher densities on brownfield sites. So it’s a yes to new apartment schemes, but overall demand requires more family houses and hopefully a good balance.
David’s on 01603 763939.