Questions about and old new build

Theogirl_2

A new-ish conversion is up for sale. It sold in 2006 when it was brand new (whole block converted). On net house prices it has the value paid.

Is this going to be the actual amount that they paid or some kind of inflated price?

I have heard a few funny stories about new builds/conversions by developers. I don't know if any of the discounts etc have to be reflected in the sale price.

Cheers

Doozergirl

It could be either. There were incentives available through major developers where they would pay your deposit. Less likely with a small developer on a small development.

There was also mortgage fraud - I don't know how they pulled it off, but I have bought a repossessed flat at the end of last year - that had sold to the previous owner for way more than it's value and about 10% actually more than it was even on the market for at the time. I think they must have negotiated an imaginary deposit and it wasn't even a new build.

seabright

It will be the amount that was stated on the transfer - so the actual amount handed over, unless there was a vendor-pays-the-deposit type scheme in place.

How does the 2006 price paid relate to the price you are paying now? And do the prices of properties sold in the block since 2006 seem OK? If so, don't worry about the price paid 4 years ago.

Theogirl_2

It was bought for £329k in early 2006 (nethouseprices) and is on now at £335k. It is interesting because houses round here are generally still worth approx 10% more than in 2006, I think flats have lost more value due to more being built and not too many more houses.

It is a lovely flat but still too much money in my view.