Bought a new build and may be price drops in neighbouring properties

Fergie73

For what it's worth, if you can afford the mortgage, and you're happy there, I'd forget all about house prices and just get on with enjoying life. So what if someone else pays £50K less? It will only bother you if you let it.

Buying a house is always a risk. Choosing to buy or not to buy right now as opposed to, say, a year from now shouldn't be a massive risk. Unfortunately in the UK, over the past few years, it has been. It's just generally been the other way round - that you lose £50K if you wait a year to buy or end up totally priced out. That's just as bad, imo, although at least you don't end up with the potentially horrible prospect of negative equity.

If you measure your situation only by others around you though, you'll always end up !!!!ed off, that you didn't buy later/earlier; that you didn't invest in X,Y,Z when you had the chance...forget it. Enjoy your home and life. I'm priced out and enjoying the freedom of renting...and no one knows what will happen over the next 5-10 years.

jonewer

StuH wrote: »

We have what we consider the most desirable plot. totally unoverlooked with lovely views over a valley and a sunny back garden

So err... just remind us all !!!!!! you are whinging about then? :rolleyes:

reformedEffortMaker_2

StuH-I notice that like me, you are still pretty new to MSE forums. Thanks for posting your question, (if it was on your mind it was worth asking, no matter how stupid some felt the question was). Please dont let some of the comments put you off posting again.

I think you have an answer now though, YES its gutting to have paid more than your neighbour for the same build, NO there is nothing you can do about it, BUT you do have the best plot in the estate, and it is a home first, and an investment second-so just enjoy it, work hard to pay the mortgage off and look forward to raising a great family it it!!

Mad_Max_3

New builds, except where the development is extremely popular, tend to fall a little in value. It's a little like buying a car, people are prepared to pay a premium for a brand new property, once it has had a previous owner then there is very slightly less demand for it, especially if there remain unsold new properties.

My prediction is a sharp (25%) fall in properties by March 2008!

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Running_Horse

Edale wrote: »

Why not? where would we be without private enterprise?

Given the massive profit margins enjoyed by property developers in recent years? About as much sympathy as they have for their customers struggling to buy one of their overpriced rabbit hutches.

Angela_D_3

machofairy wrote: »

Cant help but chip in here....
In 10 - 15 years time, you'll be glad that you bought it when you see its value double.

On what basis are guessing that will happen, 25/30 years maybe

HenryWeston

Jonbvn wrote: »

ixw,

Some people will always miss whichever boat......

Not a good idea to be on a sinking one though is it ? _party_

leftieM

Scotland is a difficult place to buy with its 'offers over' system. It must be stressful if you fancy a house and put in a bid not knowing what the others are - you could pay 20k more than someone else was willing to or you could miss out by £500. So I can see why a fixed price new build was attractive, especially in a rising market.
The nature of the market means there will always be those who buy at the top and at the bottom and if you are among the former then it is painful but you are powerless so it's best to put it down to experience and move on. You won't make that mistake again (a mistake any of us could make by the way). Good luck. I'm sure you'll look back and be glad you bought your house. Everything happens for a reason.

Phatmouse

I'm sorry to hear this, relly tough luck and I am noy beibg sarcastic. I do however agree with the above comment, I have been priced out of the housing market by people grabbing anything at any cost, but in a few years I will buy a HOME for my family at the right price. All my friends have bought in the last year its panic buying, We rent and live in a better area, have a garden and more rooms, I might not own it but neither will they for 25 years, I pay less out each month which means I am more secure than them as a couple more rises and they are screwed, my boiler breaks down, my landlord fixes it We will laugh last!!!

Generali

frugalista wrote: »

Most people will want to refinance, though, won't they. The most popular mortgages are two-year fixes. For someone paying over the odds right now, it's quite possible they will be in negative equity in 2 years when they want to refinance.

True. It amazes me that borrowers aren't going for a 25 year fix at the moment.