Just purchased a new build and builder has reduced same property next door by £25000?

stu_ford

Hi there, As the title suggests we have just purchased a property for £185000 and have only been in the property a few month and now the builders have reduced the two property's next door to £160000 as they cant shift them.
What rights do I have and is there any way I can claim against the builder?as this obviously dramatically devalues our property.
Although the plots are set up slightly different the houses are physically exactly the same.

If anybody has any advice or has been in a similar situation I would appreciate your feedback

Stu

Wyndham

I don't think you have any rights. You agreed to pay the price you paid, and the builder can sell the other houses for 1p if he's so inclined....

marathonic

stu_ford wrote: »

What rights do I have and is there any way I can claim against the builder?

No rights and no possibility of claiming. You signed a contract to agree to pay a particular price for a particular property and the developer withheld his side of the contract.

Your contract didn't have any conditions stating that the developer can't increase or decrease the price of the properties next door.

If the table were turned and the market was rising, do you really think the developer should be able to claim against you because he got £20,000 more for the houses next door?

Errata

You don't have any rights. You can't claim for anything in the same way that the builders couldn't bill you for the difference if the price of unsold properties had increased.

leveller2911

Its supply and demand i'm afraid.You agreed a price and did a deal.They need to shift the remaining stock and now discount.

Maybe you should have offered less in the first place and think of it this way if the current value of your house had increased by £25k since buying it would you pay the builder £25k?

HB58

The price reduction has only 'devalued' your hourse if you intend to sell in the near future - and doing that with a newbuild would cost you money anyway.

mrginge

I bought a ps3 when they first came out. Now I find out that they are half the price. I am furious. Can someone recommend me a lawyer or tell me who i can complain to, surely someone has to be held account for this.

ariba10

If the other houses were on the market for £25,000 pounds more, would you be prepaired to pay the difference?

stu_ford

mrginge wrote: »

I bought a ps3 when they first came out. Now I find out that they are half the price. I am furious. Can someone recommend me a lawyer or tell me who i can complain to, surely someone has to be held account for this.

mrginge, with helpful comments like this I assume you are neither old enough or mature enough to buy your own property.

As for the other comments I assumed this would probably be the case and no I wouldn't expect to give the builder more money if the boot was on the other foot. I have no experience in buying new build properties and neither am I a legal professional so if I didn't use a forum like this to ask a simple question how would I ever satisfy my curiosity?

TastyTeeth

I'd have the hump if that happened to me. I understand you must be feeling a bit peeved.

You might even find that the properties sell for less than advertised as well in the end. It'll depend on whether the eventual purchaser(s) are cash buyers in a proceedable position. Supply and demand...and being in the right place at the right time.

As for devaluing your property, yes, probably in the short term. Presumably other examples of your house type have also sold on the development at similar prices to yours? So, over time, things will correct themselves. Also, a house is only ever worth what a future buyer is prepared to pay for it.

Fire_Fox

Have you actually purchased, what stage are you at? What did your lender's valuation come in at? Did your own research into land registry sold prices indicate what you paid was the going rate?