New-build properties

ERICS_MUM

A young FTB relative is looking at a new-build flat and wants to put in an offer a few thousand below the developer's asking price.

The development of 88 flats went onto the market one year ago and there are 12 left unsold at the mo. Would this have any bearing on the developer's flexibility on price ?

Is it the "norm" nowadays to make offers ?

The reason I ask is that when I bought a new-build 25 years ago there was absolutely no room for negotiation, the price was the price and they all sold at that.

That was during a period of a strong property market unlike now. ,

Thanks for any info/advice.

Linda xx

dimbo61

Yes offer less.
Can he/she check what the selling prices were for the other flats
IE Rightmove, zoopla,nethouseprices, ourproperty or land registry
The builder/developer will be keen to finish off the development and sell the last couple of flats.
Drive a hard bargain and ask for extras IE flooring, kitchen fittings etc

ERICS_MUM

thanks for that dimbo, fingers crossed.

Linda xx

I_have_spoken

The development of 88 flats went onto the market one year ago

Do a lot of checking on what proportion are allocated HA/shared ownership/affordable and where these are situated in the complex.

You may find the 12 unsold flats are right next to the HA block and are the 'crumbs from the table' so to speak.

If the buyer still decides to go ahead, also find out when the developer's financial report is due; they'll be keener to strike a deal at the end of the financial reporting period than the beginning.

ERICS_MUM

I_have_spoken wrote: »

Do a lot of checking on what proportion are allocated HA/shared ownership/affordable and where these are situated in the complex.

You may find the 12 unsold flats are right next to the HA block and are the 'crumbs from the table' so to speak.

If the buyer still decides to go ahead, also find out when the developer's financial report is due; they'll be keener to strike a deal at the end of the financial reporting period than the beginning.

sorry to be thick, how do I find this out please ?

Thanks

Linda xx

WestonDave

Quickest way is to look on Webcheck on Companieshouse.gov.uk and see when their year end is. You can usually find that for free. As well as the actual year end - the quarters based on that year end may also be points for hitting targets so may be more receptive to a deal.