New build advice pls!

Legacy_user

I posted on this board a good few months back and the majority of advice given to me then was NOT TO BUY so we backed off but here I am again!

We will be letting our current proeprty out when we decide to move so don't have a property to sell. We are looking at buying a 5-bed new build by George Wimpey. Original prices for the house type we want were £289,995 but when they'd completed the show home, they released it at a reduced price of £229,995 towards the end of 2008, they said to reflect the market at that time. They have only started building 6 houses and have actually managed to sell a couple, although it has taken them months. The lady on site told me yesterday, they would probably accept offers around the £200k mark but she insists that they will not be reducing the prices any further as they are now beginning to sell and even if they don't sell, by the time the houses are built, the housing market will probably have levelled out and so the houses will go up in value if anything.

It also seems like a good time to get a cheap mortgage deal as we have a large deposit so what would your advice be? Should we bite the bullet? We're looking to buy somewhere to live in for at least the next 10 years and this development is ideal for us.

Any advice / opinions would be much appreciated.

bristol_pilot

What part of the country is this in? No-one can say whether this is good value or not without that information.

Round my way, properties that were on at £280k a year or so ago are now on at £165k, but these are flats not 5-bed houses! £200k for a 5-bed is starting to look cheap and I would be tempted tbh.

Doozergirl

It sounds like you've already saved a lot of money. The fact that you will be chain free is ideal for them - I would go for it but make the offer less than 200k if they are already indicating that they will accept it without a fight.

Please remember that this lady is salesperson and she will say things that will prompt you to buy - and at the highest price she can get.

I would be very confident with an offer of 190 and don't budge. Don't accept any of their incentives (I promise you, they aren't worth anyway near what they say they are) just go for the lowest price you possibly can. If she doesn't go away and ask her superiors to approve your offer saying it is too low, then she is simply calling your bluff for more.

Push the point you have no chain, get your mortgage approved and show them that you are ready to move on this for a sensible price.

Good Luck!

System

bristol_pilot wrote: »

What part of the country is this in? No-one can say whether this is good value or not without that information.

Round my way, properties that were on at £280k a year or so ago are now on at £165k, but these are flats not 5-bed houses! £200k for a 5-bed is starting to look cheap and I would be tempted tbh.

Sorry, didn't think of that!

We are in Lancashire, Northwest. This link will take you to the development I am referring to. We are interested in the Aspen.

http://www.georgewimpey.co.uk/newhomes/Manchester/TheOrchard/

Thanks for your reply.

System

Doozergirl wrote: »

It sounds like you've already saved a lot of money. The fact that you will be chain free is ideal for them - I would go for it but make the offer less than 200k if they are already indicating that they will accept it without a fight.

Please remember that this lady is salesperson and she will say things that will prompt you to buy - and at the highest price she can get.

I would be very confident with an offer of 190 and don't budge. Don't accept any of their incentives (I promise you, they aren't worth anyway near what they say they are) just go for the lowest price you possibly can. If she doesn't go away and ask her superiors to approve your offer saying it is too low, then she is simply calling your bluff for more.

Push the point you have no chain, get your mortgage approved and show them that you are ready to move on this for a sensible price.

Good Luck!

I was thinking 190k too. Just need to convince my husband now. He's still really anxious about what's going on with housing market! I will also get in touch with a mortgage broker beforehand too.

Thanks for your response.

Cat695

is it built yet??? do not buy off plan you will regret it!!!

poppysarah

4 bedder for 179, 5 bedder for 189 on rightmove.

You want to offer a lot less than that.

Have they def sold some? Have people actually moved in? Is it a big estate and will lots of them not sell?

System

Cat695 wrote: »

is it built yet??? do not buy off plan you will regret it!!!

No they haven't been built yet. The one we want to reserve isn't even one of the 6 that are scheduled to be built by May.

Thanks for your reply.

System

poppysarah wrote: »

4 bedder for 179, 5 bedder for 189 on rightmove.

You want to offer a lot less than that.

Have they def sold some? Have people actually moved in? Is it a big estate and will lots of them not sell?

If you're referring to the same development, the prices you're quoting are for a different house type. We're interested in the Aspen.

It is quite a big development - 112 houses in total I think out of which a lot of the 3-bed ones are affordable housing / homebuy. No one has moved in yet as they have only started building the first 6 which are due for completion in May. The salesperson has told me that 2 out of the 6 have been reserved. I'm not sure whether contracts have been exchanged or not.

Thanks for your post.

Cat695

babycakes2k wrote: »

No they haven't been built yet. The one we want to reserve isn't even one of the 6 that are scheduled to be built by May.

Thanks for your reply.

Whatever date they come up with add on 6 months.....you will have no comeback if they don't finish when they said they would......there are numerous threads on this site of people complaining about the time they have had to wait for their house to be finished

Some are still waiting after a year!!!

System

Cat695 wrote: »

Whatever date they come up with add on 6 months.....you will have no comeback if they don't finish when they said they would......there are numerous threads on this site of people complaining about the time they have had to wait for their house to be finished

Some are still waiting after a year!!!

Is that the only reason you're saying don't buy off plan or other reasons too?