Off Plan – Think Carefully?

Just been reading an article in Homes & Property about the ‘vertical’ London property market. I’ll quote, ‘London’s vertical towers are creating their own landscape…more than 100 residential towers in London are either under construction or have planning consent.’

Continuing the quote, “This is London’s decade of towers”, says Stephen Miles-Brown, director of property consultant Knight Frank, which has published the Tall Towers report. “There is a pressing need for more efficient use of land, and reaching for the sky can be the best housing solution.”

There are two issues here if you are thinking of buying London high-rise; one, if it is off-plan, do be aware that it might not actually be built so you will want to be sure that, in this event, you can get your deposit back – a reminder, if it were needed, to do careful due diligence, use your own lawyer etc. As Homes & Property states, ‘Not all approved towers are guaranteed to be built. Developers are struggling to obtain bank funding.’ The second issue is a variation of ‘location, location, location’; we’d call it ‘level, level, level’; what are the do’s and don’t’s of buying into a tower? Level one or level 20, for instance?