Need help with a newbuilt -east anglia

merlinexcalibur_2

Hello Guys,

First off all let me thank all contributors in here as you guys are doing a fab job helping people like me to get a grip on how to tackle the so called game of buying a property.I have been a regular reader for almsot 3 months now, and the various threads covering the numerous problems are just amazing..keep up the good work

Now the reason why I am here....i am from abroad, who have been here in UK for only just 4 years..we are planning to buy our first house..deposit of about £30,000 in place..had seen a newbuilt property which was complete and ready to move in...a 3 bedroom terraced 3 storey townhouse with garage+carport, 1 ensuite, spacious kitchen+utility, dining room, underfloor heating and the like....which came into the market in Sept 2008 for £219,950...down to £199,950 in oct 2008....£184,950 in december 2008.

now, being new here, I took some of my officemates last week to view the property and they said its worth the price.I had seen advice on new builts here and thought that if it would come for £160,000 it would be fantastic....went in with the offer, the lady in the site office said the owners wouldnt even consider anything below £182,000.now this one is in a block of four houses..the end one was already sold for £185,000 in feb 2009 (asking price £189,950)...we waited and waited for the land registry to get updated...eventually lost patience and asked the guy who bought it..nice chap who said he got it less by £5000 but had to pay some for tiles in the ground floor, hence the price.

anyways...went for a round yesterday eveing, sign on door saying property reserved (£300, 6 weeks to signing contract, when they will agree on a completion date).there are 2 more in the same block..today when i went to have a word, the lady said that another couple is interested and she will have to speak to them first.got a call evening saying that they are interested in the other end terrace and this one is free.we upped the offer to £165,000 but she says no way below £182,000 as prices are rising now.confused here about the price and how to approach..

any advice appreciated guys

btw, the property is in east anglia, bulider is nofolk homes, not many other newbuilts around here,cant post the link as i only registered newly.pls check rightmove using the following criteria...

post code of the property is nr31 9ge....if it doesnt work, you may have to use nr31 7rd + 3 mile radius, £184,950 ....any other doubts plase dont hesitate to ask me...

Fire_Fox

Sorry but you are going to have to pay more. If the end terrace has sold for £185K you won't get the mid-terrace in identical condition for £165K. What can you afford?

merlinexcalibur_2

thanks for the reply
we can stretch to £180,000 but the question is whether to or not.the best interest rates could see us repaying £900 per month...we had seen another property, not new built though for £153000 negotiable..the question is whether to pay an additional £27000 on a new built in these economical climate...the plus points are carport, 1355 sq.feet as opposed to 791 sq ft, location.also i am !!!!ed off that what they are suggesting is a mere £5000 off asking price...

grrrr......decisions, decisions....

ad44downey

merlinexcalibur wrote: »

but she says no way below £182,000 as prices are rising now.
..

Wow! Which country are house prices rising in? Certainly not in the UK

Fire_Fox

merlinexcalibur wrote: »

thanks for the reply
we can stretch to £180,000 but the question is whether to or not.the best interest rates could see us repaying £900 per month...we had seen another property, not new built though for £153000 negotiable..the question is whether to pay an additional £27000 on a new built in these economical climate...the plus points are carport, 1355 sq.feet as opposed to 791 sq ft, location.also i am !!!!ed off that what they are suggesting is a mere £5000 off asking price...

grrrr......decisions, decisions....

Why are you p*ssed off? The new-build houses are getting interest, even selling, as they are therefore they are priced correctly. If you cannot afford for interest rates to go up substantially I would suggest you go for the cheaper house.

merlinexcalibur_2

i think ill have to agree with Firefox....after all irresponsible buying is what has caused the current crisis...i think ill wait and see whether any of the other sales fall through as they havent been technically sold yet...and then offer £170,000...if accepted well and fine...otherwise ill walk away...btw, the guy who bought the end terrace...i dont think he has negotiated at all.that was the first sale in 6 months and he only got a mere £5000 off...plus he paid back some of that on updraes like tiles and all for underfloor heating

mark5

not all new build developments are over priced, if this is the case with this development then why should the developer have to drop the asking price more than £5000?

merlinexcalibur_2

well the whole point is that I am confused with all these..builder dropped the price by £35000 in 3 months...then nothing for a while...no sales.may be i was wrong to expect that it is still overpriced.also there are no comparable sales here in this area for that kind of property.

1 another thing..how good is under floor heating? pros and cons?

Blacksheep1979

Maybe the builder dropped the price quickly to try get a sale and has bottomed out.

merlinexcalibur_2

doesnt look like that blacksheep...the lady at the office says he will not come under £180000 ...seems a bit stubborn to me...may be he doesnt have cash flow problems...i googled Norfolkhomes(thats the builder)..nothing much on the internet...guess its a regional player

Wickedkitten

Asking prices may have gone up but selling prices certainly haven't. Personally, seeing as how the cheaper non new build is almost twice the size of the new build, I'm surprised you haven't put on aoffer on it yet