Yesterday, we reported that a new build development in Hounslow, London, had attracted so much attention that prospective buyers had been queuing in the street since Wednesday morning.
All of the flats – 215 of them, with a combined value of £60m – sold out yesterday evening in a record three hours. This equates to sales worth £335,000 per minute.
Half of the buyers are owner-occupiers and the other half are investors.
Nine people camped overnight on Wednesday, with the queue growing to 30 hopefuls by 9am yesterday morning.
The queue had built up to around 150 people by the launch at 5pm yesterday, and by 6.30pm, 250 buyers had rushed through the doors at Trinity Square, the former London headquarters of American Airlines.
By 8pm, all of the flats had been sold.
The apartments will not be ready to move into for almost two years, with the development due for completion in autumn 2017.
More than 2,000 had registered for the launch. All of the flats are either studios or one-bedroom apartments, with prices starting at £199,000.
Over 40% of the development is priced below £250,000. The one-bed flats sold for between £310,000-£315,000, significantly lower than the London average of £350,000-£450,000, depending on the area.
The developer, Galliard, described the project as the capital’s largest new build development for first time buyers and first time investors.
The first person in the queue was Monika Morawska, who has been hoping to become a homeowner. She previously missed out on another recent Galliard launch in Hayes, Middlesex, where the homes sold out within four hours.
For more details, read yesterday’s piece: /buyers-camping-out-for-chance-to-buy-affordable-london-flats/