New homes come in many shapes and sizes – from multi-flat developments to collections of bespoke gated houses. At Martyn Gerrard we have close to 400 “New Homes” properties currently on our books, these are made up of a mix of local, national and private developer’s offerings.
Given our 54 years of experience in the area, we are also the Agent of choice when it comes to selling land. We have sold multiple plots throughout North and North West London and Hertfordshire, from a small residential plot in Mill Hill, through to an expansive development plot in Whetstone. We can offer advice on plots with and without planning permission and permanently have a hungry pool of potential buyers, so we are actively looking for more plots across the area!
However when it comes to new homes, there is one key mistake often made by buyers, sellers and estate agents alike, and that is to assume that it fits within the mould of the wider residential market. At Martyn Gerrard, we know that you simply cannot approach a “New Homes” property in the same way that you would a traditional home you are selling for a vendor on the open market, for a multitude of important reasons.
First of all, most often a new home is being sold off plan, or when the development is unfinished. For buyers, this means that the process of deciding to buy a property is that much harder. Estate agents must, therefore, be expertly versed in how to sell the concept and vision of what the property will be for a buyer, while also still providing the nuts and bolts in terms of detail, and the assurance that the building they cannot currently see will be of the quality promised.
Understandably, buyers will take much longer to decide on whether they want a property, investigating details that they cannot simply turn up to the property to see. This, therefore, must be built into the selling process of new homes, and those looking to buy one must also factor in the extra time needed to do so. It’s not going to be the quick next day sale we see in the traditional residential market.
Another crucial difference is often the type of buyer. This doesn’t just affect the sales process, but should also influence the overall build and design of new properties. In NW London, new homes are often highly priced by virtue of their location, and so one of the key markets for these homes are downsizers. Given that downsizers often have no financial pressures, commonly making cash purchases, and will be moving from a much-loved family home, it is important to appreciate that this is not a decision they will want to make quickly. Estate agents should make sure to provide the space and support for these buyers to make the decision at their own pace, while also being aware of the amenities and qualities of a building that will most keenly appeal.
As is likely becoming clear, the new homes market is one that should be given a specialist approach, and it is for this reason that we at Martyn Gerrard now have our own dedicated land and new homes office in Finchley Central. The team involved know exactly how this unique system works but also have the ability to draw on our extensive network of North London residential branches when needed. We are dedicated to making sure that all land and new homes developments are not simply put into the sales system, but expertly and efficiently sold to the right buyer.
By Simon Gerrard, MD, Martyn Gerrard FNAEA PPNAEA MARLA