Buying off-plan 'risky'
Off plan property buyers may face legal action if they fail to complete on their purchases, one sector commentator has claimed, making it a risky strategy for people looking for their first home.
Helen Adams, managing director of FirstrungNow.com, said that as far as she was aware there was typically little protection for such buyers, meaning she would advise people to think twice about buying such a home.
"At the moment it is a pretty big risk because lots of companies are going to the wall and whilst in the past it has been advantageous to get in early, there are certainly risks to it at the moment," she warned.
Britons planning to look at such an opportunity in the capital may instead wish to look for property to rent in Shoreditch or another part of London until a less risky time.
This may be particularly true after Berkeley Homes revealed that a small number of customers who purchase off-plan housing are finding it difficult to complete on their purchases.
Such customers have also been affected by recent falling property values and more limited access to credit.
Written by Ben Carter
Published 28th October, 2009
© 2009 Estates IT Limited
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In the current economic climate, buying an off-plan property could be risky, it has been stated, which may mean renting is a safer option.