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Bought a new build and may be price drops in neighbouring properties
StuH_2
Posts: 34 Forumite
We have bought a new build house from a small developer and we are first in to stay in the estate. We thought the estate would be popular and bought on the first day they went on sale 6 months ago. Valuation survey said the price we paid was just ok but was at top of the range. We have now just moved in and only 1 other house has been sold.
We are now expecting to see significant price drops on the other houses in the estate. We are really scared now that we have paid too much Can we do anything? Oh and we are in Scotland.
Any advice on what to do please?
We are now expecting to see significant price drops on the other houses in the estate. We are really scared now that we have paid too much Can we do anything? Oh and we are in Scotland.
Any advice on what to do please?
0
Comments
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not sure but more supply than demand tells you market equilibrium will fall meaning cheaper prices.0
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exactly, thats why I think prices will fall on the remaining houses. If they do I need to know if I have any recourse.0
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Who do you imagine you could claim against?
and on what grounds exactly?dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
A house is suppose to be a place to live in and in most peoples eyes their home.
If you have brought to make a quick buck then yes you will get your fingers burnt.
If you have brought to live in the house for about 10 years then you have nothing to worry about just live in your house and enjoy life.
You have no recourse against anyone.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
oh its a home and not an investment. however if the house next door exactly the same sells for £50k less I'll be gutted. Not just talking a few grand.
My issue would be with the builder.0 -
oh its a home and not an investment. however if the house next door exactly the same sells for £50k less I'll be gutted. Not just talking a few grand.
My issue would be with the builder.
It's called negative equity.A lot of other people will be coming along to join you soon.
Most people would negotiate a discount with the Developer, prior to buying, not after!:rolleyes:
PS It won't just be Scotland!0 -
What "issues" would you have with the builder?dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
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You made the decision to buy at the price you did, you had the relevant facts to hand and you even state the valuation you had said it was at the top of the range. I feel that was the time to negotiate a discount. I doubt you have any comeback on the builder."The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."
Bertrand Russell. British author, mathematician, & philosopher (1872 - 1970)0 -
Unfortunately it's probably a case of caveat emptor - buyer beware.
What grounds do you think you have for claiming? If you were lied to you might have a claim.0
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