New builds - what discounts have you had recently?

iandv

Hi

I am looking to purchase a new build property from a national housebuilder in South Wales. We have sold our house STC so we are in a strong bargaining position.

I would be interested in hearing what discounts / incentives other forum members have been able to negociate recently

As I was looking of asking of around 25% discount, its a new site which launched about 3 weeks ago.

TIA and look forward to any advice you have

mynameisdave

I completed in March 2009 - I'm guessing its probably not recent enough for you?

iandv

No it would be interesting to hear what you managed to get

mynameisdave

September 2009 the Developer reduced asking price from ~£145,000 to £114,995 and late October/Early November I had an offer for £100,000 accepted, with Completion set for March.

Its a 2 bedroom apartment in Cheshire.

brit1234

Give it 6 good months of price falls and you should get a good bargaining position. I suspect the developers will still fake a bullish stance. Better let the price falls break their will.

iandv

So go in with 30% off to start?

new_home_owner_3

i have a friend whos a builder hes currently building three house and all of them were sold for asking price before a brick was laid.

I think with the site only being going three weeks i can not see them accepting anywhere near 30 percent off, but theres no harm in trying.

let us know how you get on

clairecymru

Our new build in Cardiff was on the market for £140,000 last year, we got it for £115,000

iandv

Thanks my wife asked Barratt today and they said they are only offering 3% off as they are selling like hot cakes !!! even though we would be buying off plan

Kyrae

Builders are unlikely to offer huge discounts to you when buying off plan, the bargains are usually to be had when the houses are built and standing empty. At this stage, the builders still have plenty of time to sell the houses and probably won't be in a hurry to sell cheaply. Though no harm in trying!

You might have more luck getting freebies rather than money off, eg free carpets, white goods, turf, etc.

I speak from experience, completed on a new build in March of this year, after buying off-plan last year. Couldn't get any money off at all, just free extras. Looking at the land registry, everyone on the estate paid pretty much asking price (largest discount was £10k off a £250k house). As all the houses sold quickly off plan, builders didn't need to reduce prices. If there's not many people reserving plots you might do better and get a good discount though so worth a try!!

brit1234

iandv wrote: »

Thanks my wife asked Barratt today and they said they are only offering 3% off as they are selling like hot cakes !!! even though we would be buying off plan

Never believe a Barratts sale person ever. They lie like a cheap Nafi watch.

Barratts are in a terrible economic position with huge debts. They employ sales people not economists, they will lie about the economic situation and try to get every penny they can out of you.

:exclamatiDon't buy off plan in a housing downturn. Your home may be delayed or not even built. Valuations after being built may not match your purchase price nullifying your mortgage offer opening you up to prosecution from the builders.

If you are going to get a new build buy a completed one from a smaller building company. Don't get suckered in for a 3% discount from barratts when prices would of fallen far more than when it is completed.