Christina Ballands, Associate at Cheffins New Homes department in Cambridge gives the lowdown on the market for new homes sales across the region.
“The demand across the region for new homes has continued unabated in spite of the end of the stamp duty holiday and the withdrawal of government support aligned to the coronavirus pandemic. The strength of the recovery within the market has been unprecedented and as there are large numbers of property buyers in rented accommodation and with finance in place to move quickly, we have seen a number of sites sell in record time throughout Cambridgeshire and further afield.
It has been well documented that the UK housing market has seen unexpected growth since the Covid-19 pandemic struck, and housebuilders have benefitted from the demand for new homes, particularly in village locations over the past twelve months. A combination of historically low mortgage rates, the stamp duty holiday and the large-scale wage support schemes all helped to ensure that the housing market has boomed, adding to housebuilders’ profits. For example, a large national developer recently reported that demand for new homes helped to boost its annual profits by nearly two thirds in the past financial year.
On a local level, this has been seen through a number of sites being marketed by Cheffins. For example, all 15 plots at Dairy Way in Balsham, the two, three and four-bedroom homes on offer saw premium prices paid as buyers were able to appreciate the high quality build and finish produced by developers Dean & Dean. The news of the extension of the stamp duty holiday also helped these remaining properties to sell out within only a six week period.
At The Paddocks in Barton, built by local developer Yellow Fish, of the three homes available off plan, all were sold in record time, with Cheffins securing sales just ten minutes after setting the properties live on Rightmove. This was largely due to the homes on offer being built to such a high specification and located in one of the most sought-after villages in South Cambridgeshire. Another development which saw an incredibly fast sell out was Emerson Park in Abington. This scheme of 15 luxury homes were built by Laragh, a well-regarded local developer, alongside the highly-acclaimed Snell David architects. These houses were sold within only two months of marketing, in spite of purchasers here missing out on the stamp duty window.
Another site which has enjoyed significant success selling off-plan is Pear Tree Gardens in Balsham for Matthew Homes. This scheme now only has two plots remaining, both of which are four-bedroom detached homes with rear gardens, driveway parking and garages, with prices at £590,000 and £660,000. We expect the last completions for these properties at the end of the year.
We forecast that the market for quality new build homes will continue to grow, especially as mortgage rates remain low and there is still large numbers of buyers in rented accommodation on the hunt for the best properties on offer. Demand also appears to be spread across all price brackets and sectors of the market, with the large, detached properties priced at over £1 million selling as quickly as those in the core market. The focus for buyers currently is driven by quality and finish, with a marked increase in the number of buyers looking for village locations. The impact of the pandemic in terms of buyers looking for countryside locations is still prevalent, however there has more recently been an increase in the numbers of viewings we have seen for city centre sites as life slowly returns to normal.
For anyone looking to buy a new home close to Cambridge, we are currently marketing the Mandeville Farm development in Burwell, where just two out of the five stunning and substantial homes remain. (Prices from £860,000). The properties enjoy a delightfully quiet non-estate position and are finished to an exceptional specification. The developer, Fabrum, is also in the process of building two very special five-bedroom detached homes in Meldreth, which will be launched to the market in October with Cheffins. Both of these circa 3,000 sqft properties back on to open farmland and will be coming to the market as price on application. Another excellent development is Church Farm Field in Dry Drayton where there are just three brand new barn style homes remaining, all finished to the highest standards with views over rolling countryside Prices here range from £475,000 to £675,000.
For more information on any of our current developments please contact Christina Ballands or Martin Walshe on t: 01223 214214 or visit www.cheffins.co.uk