Here at Residential Estates, we provide investors with a resale service that offers prime opportunities to other clients.
Business Development Manager and Head of Resales, Andrew Brassey, discusses the property resale opportunities here at Residential Estates. He explores the differences between off-plan developments and existing properties, analysing the benefits of resale options.
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Please see below the full transcript of the video:
Good afternoon, Andrew Brassey from Residential Estates. I head up the resale team within our investment section of Residential Estates. We’re finding more and more people are looking towards the completed, the finished project, as opposed to off-plan.
Off-plan still has a great attraction that you get in early, maybe you buy the best apartment in the development off-plan and wait for completion and see capital growth during the transition of the build.
However, let’s look maybe at the resale side of it. We’re finding great success in the resales that we have had, like sort of Media City in Salford Quays, Bridgewater Point in Salford, Libertas in Liverpool. So, a raft of developments from studios in Libertas in Liverpool at sort of £60,000, through to 3 beds in Media City at £225,000.
We’re finding the buyer is looking for either cash purchase or mortgage, and again the attraction of completed, that the mortgage side of it becomes slightly easier with it being completed and readily available and most of the developments that were selling have tenants already. If we looked at say, Libertas, they were paying just short of £560 a month. If we looked at Media City, they were paying in the order of £1350 a month. So, the attraction of completed and immediate income. Sales can take a bit longer than off-plan, you’re maybe looking at a 2 months to 3 months sale process, but you are then buying an immediate income.
The resales market we’re finding very buoyant at the moment and we are struggling for stock. So, if you are an investor, and you are looking to realise some of the assets you have, please give us a call – our website details will be on the screen. Drop us a line, we’d be delighted to give you a valuation on the apartment/house and look to resell it for you.
Thank you very much.