Back to Manchester.com

Deprecated: Function eregi() is deprecated in /raid/www/htdocs/vm4.live/property/inc/2propheader.inc.php on line 16

Deprecated: Function eregi() is deprecated in /raid/www/htdocs/vm4.live/property/inc/2propheader.inc.php on line 18
Buying, selling, renting or letting in Manchester.Thornley Groves.
Residential
Commercial
Services
Register
News
Features
Area Guides
Related Links

 
 
 

Caution urged over new-build apartments

13/11/2007


Property experts are warning that newly-built apartments in central Manchester are selling for £50,000 less than the original purchase price.

Real estate firm Knight Frank believes that property developers are building apartments without checking to see if there is an actual need in the market.

Ian Marris, from Knight Frank, told the Telegraph that amateur investors who buy off-plan are also to blame as they are not able to determine whether the apartments are a long-term sound investment.

"There are too many amateurs in the market who make investment decisions based on the buoyancy of the market, not necessarily good judgement," he remarked.

"Investors need to become more sophisticated - it's about identifying opportunities capable of outperforming. And developers need to evolve their schemes accordingly."

Knight Frank's warning comes after Anouk Curry, the producer of BBC2 show The Truth About Property, said that Deansgate Quay and Blantyre Street apartments have seen sale prices fall by as much as £40,000.

ADNFCR-8000014-ID-18353216-ADNFCR

Bookmark with:
Bookmark with delicious Delicious   Bookmark with Digg Digg   Bookmark with Reddit Reddit   Bookmark with Facebook Facebook   Bookmark with StumbleUpon StumbleUpon     (What are these?)


Social bookmark links
The social bookmark links enable you to share content you find on our site with other users who may find it of interest. If you have an account with any of these sites, just click the link to instantly share this feature with other users or alternatively you can sign up for any of them in a matter of minutes for free. For more on social bookmarking you can read the Wikipedia article.

THINKING OF INVESTING IN PROPERTY IN MANCHESTER?

Residential Property In Manchester

Click here to register for ALL residential property for sale in Manchester.
or click here to register for ALL residential property to let or rent in Manchester.

Manchester Commercial Properties

Click here to register for ALL commercial property for sale in Manchester.
or click here to register for ALL commercial property to let, rent or lease in Manchester.