Information and timing are critical to generating wealth when it comes to investing in new build property. Whether you’re buying in Haringey or anywhere else in the UK, most investors simply don’t have access to enough information to make an informed investment decision buying off plan. High quality information is reserved for big investors who get all the best deals.
We have put this series of posts together on London’s 32 boroughs to give you a picture of what is happening in the new build market and where the opportunities will be in 2023.
2023 The year of the investor
Many are pessimistic about the short-term prospects for the London property market. We think it provides one of the best buying opportunities for buy to let investors in several years.
Good property investors make investments in times of uncertainty, the key to making a good decision is having access to all the information.
Haringey – New housing analysis
Haringey has had an average 305 sales p.a. in the new build market, since 2009. During the same period the number of properties under construction has been 825 p.a. New construction starts have been 353 p.a.
New planning applications have been on average 808 p.a. However, several new planning applications were made in 2022 (2,305).
Haringey – Properties due to complete but unsold
At the end of Q3, 2022 there were 60 complete and unsold properties above the annual average of 21. There are a further 354 properties due to complete next year which are currently unsold. There are currently 10 schemes in the market currently under construction, three are purpose built BTR schemes.
Of the remaining 7 schemes, 2 are yet to be launched.
Opportunities for investors in Haringey
There are clearly opportunities for investors in the Haringey market, it is likely that developers will need to discount some stock to avoid having stock units in 2023. In addition, many of the schemes in Haringey are either part sold or likely too small to readily convert to BTR.
Risks for investors in Haringey
Haringey is likely to present many opportunities for investors, from a purchase perspective. However, there is certainly a risk of a saturation of new property over the years ahead. Investors need to take this into consideration when they are purchasing off plan.
If you want to find out more about which developments are likely to come to market next year in Haringey email us at [email protected]. If you’re a property investor you may also be interested to read our detailed guide to the London Borough of Haringey which contains demographic, economic and sales data, designed to help you make informed investment decisions.
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