Latest developments at The Eye
Savills Market Comment
6th June 2012
The Eye team has achieved some very impressive sales results since the launched last month, achieving a total of 20 reservations which make this one of the most successful new residential launches this year.
Interest is coming from a wide variety of potential buyers including, investors, first time buyers and downsizes from the UK and the rest of the world. Current buyers have been attracted by the high quality interior design, the stunning exterior finish, the location and the specification.
The shift to private renting has accelerated since the credit crunch, thanks to constrained mortgage finance and the significant deposit hurdle for would be home buyers. Savills forecasts that by 2016 one in five households in England will be renting in the private sector. This trend may go against our emotional attachment to home ownership, but facilitating the supply of new stock into the sector is now critical. City centre apartments, such as those at The Eye offer the kind of accommodation for which demand is rising. Rental yields in the city for this calibre of development can reach up to 7%.