Persimmon Home - Incentives Removed because of Devaluation

bodgerx

brit1234 wrote: »

Yes, its designed at keeping house prices high and is funded by the public. The money runs out this year, so lets hope its not renewed when the new government looks at the true national debt.

...and nothing to do with the fact your discount on a new build house was withdrawn when the Homebuy scheme came along...;)

brit1234

bodgerx wrote: »

...and nothing to do with the fact your discount on a new build house was withdrawn when the Homebuy scheme came along...;)

So shoot me because I want to buy a home at a normal price rather than over in debt myself.

The sooner house prices come down the better, people can take their lives off hold getting married and having kids. This I want now huge debt culture has to end now.

bodgerx

brit1234 wrote: »

So shoot me because I want to buy a home at a normal price rather than over in debt myself.

The sooner house prices come down the better, people can take their lives off hold getting married and having kids. This I want now huge debt culture has to end now.

Just because you couldn't get the deal you wanted/needed, doesn't mean to say your situation applies to everyone else.

badmoon

brit1234 wrote: »

Is your finacial advisor employed by the builder?

Sorry but this website is money saving expert not being ripped off expert. There has been a decade where builders have rigged house prices causing this economic disaster which we are facing now.

You are talking about challenging a bank which lent irresponsibly in the past and now has been forced to lend responsibly at tax payers money.

Stop blaming the valuation and look at yourself and the builder first.

Personally I can't wait for this election to come and this corrupt scheme go.

I'd just like to point out that not all new builds are overvalued. Mine's at a perfect value and not doubted by the mortgage company for one second. Having compared it to houses in the same area and looked at similar houses in the area, it actually compares favourably.

Just wanted to redress the balance a little.

wymondham

badmoon wrote: »

I'd just like to point out that not all new builds are overvalued. Mine's at a perfect value and not doubted by the mortgage company for one second. Having compared it to houses in the same area and looked at similar houses in the area, it actually compares favourably.

Just wanted to redress the balance a little.

To be fair, you'll only really know when you come to sell it...

badmoon

wymondham wrote: »

To be fair, you'll only really know when you come to sell it...

Of course but the constant negativity on here regarding new builds is a bit wearing after a while.

bodgerx

badmoon wrote: »

I'd just like to point out that not all new builds are overvalued. Mine's at a perfect value and not doubted by the mortgage company for one second. Having compared it to houses in the same area and looked at similar houses in the area, it actually compares favourably.

Just wanted to redress the balance a little.

True, and it was certainly the case in most areas (if you exclude certain types of buildings such as flats) that new builds gained a significant amount of value over their builder sale price. I can think of a few estates in my area where this has happened. This is often the case on houses sold at the end of the development where discounts tend to become heavier.

You have also got to factor the heating and running costs on a new house vs older. A year or so ago I moved out of our house built in 2006 into a house more or less the same size (built in the earlier 90's) and my energy bills have increased significantly.

I don't think its all cons with a new build.

chauhja

vickylane888 wrote: »

Hi,

We are just in the process of trying to purchase a property under Homebuy Direct, and the property was valued by Natwest last week at £45k below the asking price, which unsurprisingly the developer is unwilling at this stage to accept (they are claiming they will not accept any price below the asking price).

Our financial advisor is pulling together a case to challenge the valuation, ie info on other plots sold and sales in the area etc, but we still think the asking price is too high and therefore the valuation will not be changed enough for the developer to accept.

Just like you, we should be in a fairly strong position however, because unless the developer is relying on selling the properties to all cash buyers, they will face the same problem for any mortgage. So my advice would be challenge the mortgage valuation, and try and see if anyone else on the development obtained valuations too (the developer should be able to help you with this, after all they want the sale). If the valuation stays at the same level, the developer has to make the call, sell the property to you at £10k less or to a cash buyer which may be hard to find.

Alternatively you could go to another lender but this will obviously mean you incur more costs in valuation fees. Which lender did you use? I have heard that Nationwide are notorious for undevaluing new builds as they value them as second hand porperties. But Natwest and Halifax are meant to be better. If you don't mind me asking, how much was your valuation fee? We paid £595 to Natwest which seems like a lot, and of course if we can't agree on the valuation, this money will be lost.

We paid 440 through Halifax