Initial market appraisals by independent valuers suggested that Erith Park properties would achieve 15-20% less than other similar new build schemes in the area. Several major consultancies gave the view that we would not shake off the legacy of the old estate. There was also scepticism about private buyers accepting and investing in a mixed-tenure community.
Phase 1 saw the sales & marketing team achieve values in line with other new build schemes in the area. Our decision not to sell off plan most likely helped to achieve this, enabling us to delay fixing prices until the scheme was substantially complete and the quality of our homes and development was evident.
In Phase 2, due to be completed in 2018, we aim to raise our sales values above the market, reflecting the high-quality of our development and demonstrating an ‘Erith Park premium’.