Offer on New Build Flat

jmd4211

Hi,

Looking for some quick advice - am just about to put down an offer on a new build in North London - a 1 bed flat in this development: http://www.site-sales.co.uk/caledonian/

Ive seen a lot on here about negotiating prices on new builds, however the developer insists that, given the demand for the development, the price is 100% non negotiable. Should I just accept this, or is there another route I should go down?

Also, is the lender's valuation likely to match the selling price?

Thanks

James

Cheeky_Monkey

As London seems to have escaped the trials and tribulations, for the most part, of the housing market, the developer may well be right in their belief.

Has the development literally just been built i.e. all apartments are empty or have some people bought and moved in already?

If the latter, maybe you could check the Land Registry website to see how much they sold for against what the advertised selling price is.

jmd4211

No, I dont think anyone has completed yet, the block isnt set for completion until July

Richard_Webster

If the latter, maybe you could check the Land Registry website to see how much they sold for against what the advertised selling price is.

But remember that sometimes the builder does give incentives etc that effectively reduce the price and these don't show on the LR website.

Problem with new builds generally is that there are enough people out there who like them or need goodies that second hand home sellers don't give (e.g. interst free loans of 5-10% of price or PXs) so builders often have enough buyers and can call the tune on price. As London market is strong at the moment that just makes it worse.