New House unfortunate issue

getmore4less

You got to pick the best one for you.

If it had been 20k more than the rest would you still have picked it.

Same house different plots can have significantly differing desirability.

Grenage

Unfortunately you're just unlucky; much like those who purchased just before the 2009 crash, it was unfortunate timing.


With the drop of 20k, the immediate drop with it being a new build, and a rather dodgy market at the moment, you will certainly take a hit.


That said, if this is a long-term home then it's not the end of the world. After all, what choice do you really have but to proceed, and see what you can get by moaning.

EachPenny

zorber wrote: »

...the rest of the surrounding same type of house have all be released for the lower price meaning im straight into 20k negative equity compared with the neighbours. House hasnt been built yet and we are looking at 6 months from here.

That isn't what 'negative equity' means.

And if you really are already in £20k negative equity then there is something of far greater concern about the deal than the reduced price of the similar houses.

airandwater

Remember that the developers could have sold an identical house for less after you have completed and moved in. Someone will always pay less or more for a house in the same development depending on demand and market condition throughout the construction.

Whether you buy a new or old house you need to be confident in the price you have agreed to pay.

Most importantly the marketed price is not always the same as the selling price.

If the marketed price is £365k but I come in to the sales office chain free and say that £350k is the maximum I can afford then you can bet that the sales office will accommodate me.

Needless to say, I understand your disappointment but if it's a house you truly want and will get joy out of over the next 5-15 years then £20,000 is negligible.

middleclassbutpoor

As previously stated not all houses will value the same.

I have noted same house styles being sold at different prices on developments we have looked around -

You can usually put it down to;

- Plot size - Some have opportunity to put a conservatory on etc and still have a decent garden.

- Plot location (is it overlooked or next to a busy road - rather than more set back etc)

- Direction of garden - North facing less desirable than south for example.

- Closeness to the affordable housing plots - people who are spending far more money on their houses than others will likely want to be snobbish - which I don't agree with but the prices are reflective.

- Parking - is your house benefiting from a bigger/more desirable driveway. Parking for 2 cars can differ from parking behind each other to next to each other and/or sharing a plot of land with the neighbours driveway.

- Likely traffic past your house - are you at the end of a road where no one comes to your house unless visiting or do you get your neighbours and their guests driving past everyday?

All of the above will make a difference to the price of your property - you need to understand why it's 20k different.

If it is just because they have made their margin and can sell for £20k less, then as someone has already said - its mis-bought. You have not negotiated hard enough.

Crashy_Time

bigisi wrote: »

Unfortunately another case where a customer waves the word(s?) mis-sold around and expects to be entitled to something out of it when in fact mis-bought is probably a better phrase.

Mis-bought is a good phrase, many people will probably find that they have done this recently IMO.

bigstevex

Are you sure the plots are the same. We've looked at a lot of houses in last year and new estates prices varied. One house style was between 340-370k we looked at, the 370k one having bigger garden/corner position.

It's not merely a case of house style.

Crashy_Time

bigstevex wrote: »

Are you sure the plots are the same. We've looked at a lot of houses in last year and new estates prices varied. One house style was between 340-370k we looked at, the 370k one having bigger garden/corner position.

It's not merely a case of house style.

It`s not like the gardens are English country gardens though is it? They tend to be bits of grass of various shapes and sizes, not really worth counting in price mark ups?

somethingcorporate

Crashy_Time wrote: »

It`s not like the gardens are English country gardens though is it? They tend to be bits of grass of various shapes and sizes, not really worth counting in price mark ups?

Of course larger gardens/corner plots/different size/style/facing gardens and aspects can have a material impact on the desirability and ultimately price of a property.

jennhg88

Have a careful look at the other plots. There could be very valid reasons.



Eg. I'm buying a 4 bed semi with large flat garden, garage and a drive. The other half of the semi is 14k cheaper, but has a tiny garden, no garage, no drive and the parking is actually behind the property. There are steps up from the parking spaces into the garden, so making the already tiny garden even smaller.