There’s LIFE In The New-Build Sector After All!
(Not sure if good news sells, but our direct experience at our recently opened LIFE development shows that it is not all “doom and gloom” out there)
One of Scotland’s leading homebuilders has reported sales SUCCESS following the opening of their Show Home complex in Edinburgh in March. Over the month, at least one hundred potential buyers have come through the doors at Westpoint Homes’ LIFE development located just off Newhaven Road and Broughton Road in Bonnington with 11 homes now reserved. Whilst Westpoint Homes have been ticking over on the sales front, a £2m “sales success” over the course of one single month on a single site should come as a welcome boost to the property industry.
Amid a UK-wide squeeze in credit, Westpoint Homes has responded by putting MORE fixtures and fittings into their new-build developments without increasing prices in order to stand out from the competition on “value”, but the opening of their show home was always likely to be the acid-test. With circa £2m of sales receipts, the general consensus is that their decision to upgrade their homes is paying off! And for those would-be buyers with secure jobs but no deposit monies, the Company is offering shared equity as an option on selected plots so they too can secure their dream home.
So far, the company has not suffered from a build up of stock property thanks to the success of a variety of practical incentives like shared equity and part exchange. With the mortgage market showing some signs of recovery (last month saw the highest value of mortgage lending compared to the previous 6 months) just in time for the historically buoyant Spring market, the company is hopeful that the positive momentum will continue over the months ahead.
Westpoint Homes has reviewed its designs and fixtures and fittings across the board in 2009 in an attempt to bolster their reputation for delivering well-proportioned, luxury apartments at an affordable price. The majority of its apartments are now priced at between £90,000 to £200,000 in Glasgow and Edinburgh, but despite competitive prices (that continue to “value up”) they are dedicated to making their apartments “stand out” over the rest with a superior finish.
Development Director, Graham McNeil believes that there is a need to address the current climate head on rather than waiting to find out which way the market will ultimately swing. He said: “The homebuyer market in Scotland is showing signs of buoyancy but there is no denying that confidence has been knocked. There is a strong pool of intending purchasers out there, many of whom are struggling to work out just what homebuilder is offering the best deals. We hope that by putting quality, value and service first, we will continue to enjoy sales success throughout the year. Clients want best value and our experience is telling us that a “quality finish” remains a key consideration when clients make that final “value” judgement, but we recognise also that our incentives need to be parcelled around clients’ unique circumstances.”
“To sell 11 homes on one site in a single month is no mean feat whatever the economic climate and it shows that there is real demand out there. We weren’t the only winners in March. Our peers all reported an uplift in activity. We’re watching the market very closely and believe that whilst there are lots of deals out there, you can count on the one hand those developments that merit a second look either because they show no sign of being completed or because the only thing available is a lot of the same thing. Presentation-wise, our developments have never looked better!”
In 2009, Westpoint Homes will bring around 200 new properties to the Central Belt. The company is currently engaged in five developments; Balfron, Bonnington, Leith, Anniesland, and Glasgow’s South side.
For further details click through to our Current Developments section or visit LIFE sales complex just off Newhaven Road/Broughton Road (open 5 days Thursday to Monday from 11am to 5.30 pm. Call 0131 555 6491)