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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Trying to buy with Redrow
Comments
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OK, great. So you understand why it isn't them "trying to do you over".
There are more things than supply and demand going on here. If they are adamant they want 295 for it I will but the other one they have, much larger and available right now (still building it though) for 295. Or I could go down the road and get a larger house from someone else and get more stuff in it and more free things like stamp duty being paid.
Further when you are told the house was sold a couple of months ago for 255 and you was quoted 260. Calculation shows 5% expected increase would take the value to 266. And then be told they are expecting above industry expert raises in property values when no one else is then things start to smell fishy.
And finally the day before I was told to speak to their mortgage advisors to make sure I get the green light for 260. I walk I their office less than 24 hours later and the price is 35k more but they don't require me to be ok'd for that mortgage it again seems a little strange.
So the reallity is: it is over priced. I will not be buying it for that amount of money. So the demand goes down. I am also very unhappy with the lies I have been told and how I have been misled. But more importantly to me right now is to understand if this is standard practice for redrow and if the guide price is the price they are going to push for and won't budge. If that is the case, like I said, I will get a bigger house for less money from them or someone else.0 -
I left Northampton about a year ago. I had bought a new build in the Upton area for 200k at the end of 2013, completed on it mid 2014. When I left a year later, that same house type was early birding for 240k and people were on a waiting list for them... I sold mine for 210k for a fast sale (due to divorce), but was told if I'd had some patience, I could have gotten 220k. At 210k it was snapped up within an hour of hittig the market by the first people to view it (which did somewhat make me regret starting so 'low', but we wanted a fast no-hassle sale because of the divorce)
Northampton and surrounding area is a hot zone right now, they are the current area that is suffering from London spillover and it is pushing prices up fast. When I left, prices were going up 8%-10% a year according to the conservative calculations, so it was probably even more, so assuming the house you are buying was 255k a year ago, by the time yours would be finished, 295k is quite realistic. I would be afraid about the mortgage valuation however as land registry data will be lagging behind, so be prepared for an undervaluation and I doubt Redrow will budge on the price.0 -
There are more things than supply and demand going on here.
I do love a good conspiracy theory.So the reallity is: it is over priced. I will not be buying it for that amount of money. So the demand goes down.
Yep, that's the way it works. The price goes up, demand comes down, until demand meets supply.0 -
I do love a good conspiracy theory.
Yep, that's the way it works. The price goes up, demand comes down, until demand meets supply.
Thanks for popping by but this conversation is not going anywhere. I didn't want this thread to focus on the wether or not he house is worth x or y. But whether it is reasonable for them to increase a valuation 1 day after. Much like we speak on a phone I say yes have the car for 4 grand you turn up to my house and I ask for 10 grand. Unreasonable and an absolute waste of your time.
So thanks for popping by but I this conversation isn't going anywhere.0 -
Except that isn't what's happened, is it?
Look, I'm sorry if you don't like the answer, but the simple fact is that they can name any figure they want at any stage they want, right up to the point at which you start signing paperwork and paying deposits. After that point, any increases in price have to be in accordance with the contracts you may have signed.
Whether you think it "reasonable" is beside the point.
If you think it's too much, then don't pay it. If the majority opinion agrees with you, then those properties won't sell. If sufficient people think that price is acceptable, they'll sell.0 -
Thanks for popping by but this conversation is not going anywhere. I didn't want this thread to focus on the wether or not he house is worth x or y. But whether it is reasonable for them to increase a valuation 1 day after. Much like we speak on a phone I say yes have the car for 4 grand you turn up to my house and I ask for 10 grand. Unreasonable and an absolute waste of your time.
So thanks for popping by but I this conversation isn't going anywhere.
They haven't increased anything. The price has only just been set. Now that the release is confirmed.
Understand your frustration but that's life.0 -
Except that isn't what's happened, is it?
Look, I'm sorry if you don't like the answer, but the simple fact is that they can name any figure they want at any stage they want, right up to the point at which you start signing paperwork and paying deposits. After that point, any increases in price have to be in accordance with the contracts you may have signed.
Whether you think it "reasonable" is beside the point.
If you think it's too much, then don't pay it. If the majority opinion agrees with you, then those properties won't sell. If sufficient people think that price is acceptable, they'll sell.
It is what happened. And if that is how these people do business then I will take mine elsewhere. My friend who purchased from tailor wimpey bought off plot. The quote at the beginning is the price they paid, had stamp duty paid and received 7k for upgrades. If this is standard practice then no wonder the housing market is in the state it is.
This whole conversation has been a waste of time. It is not because I don't like what your saying but now any chance of getting helpful information about other peoples overall experience of the process has pretty much gone now. I have never bought a house before and do not know what to expect, the sales staff have been less than helpful and at times rude and obnoxious. So it appears that I have answered my own questions. I think buying a property is a huge thing and to be treated respectfully is not too much to ask.0 -
Never mind.0
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But whether it is reasonable for them to increase a valuation 1 day after.
Whether their actions are reasonable or not is of no importance, all that matters is that their actions are not unlawful nor illegal. It would appear that Redrow's actions are not unlawful nor illegal.
There is nothing to stop you trying to negotiate the price with Redrow. But as it is doubtful you'll be successful, you then have a choice - walk or buy. The choice is yours.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
It is what happened.
It isn't. Because the first official figure they've given you - the guide price - is the £295k one you're objecting to.
The other figures were "Well, the last ones were..." and "We think it might be..." or "These, somewhere else, are..."And if that is how these people do business then I will take mine elsewhere.
Yep.I think buying a property is a huge thing and to be treated respectfully is not too much to ask.
Let's be honest, it's not as if their attitude is costing them a sale - since the price is £30-40k above what you'd be willing to pay, right? But, if you're going to boycott them over their attitude, there's no point in them saying "Oh, OK, you're right - £260k, then.", since you wouldn't buy from them anyway.
New house prices don't quite play to the same rules as the market in general - there are a whole raft of other factors in play, including various government FTB assistance schemes.0
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