Reserved New Build - Identical House Much Cheaper

MrsKH92

No worried about hijacking the thread either lol - it's all good information being shared here.

Retired_Mortgage_Adviser

The stated intention at the time was to focus on houses down the price spectrum, increasing use of shared ownership and the flagship "starter homes" scheme (details are thin on the ground).

The developers will adapt their business model to whatever incentives are rolled out, no need to worry about them

Stebani wrote: »

On a serious note, what will happen to new-builds like these if a cap of (say) 250,000 is rolled out up north? Will the developers start building different kind of cheaper flats/homes to fall within the cap, will prices fall for new-build non H2B homes? Or will the H2B buyers just be replaced by open market ones paying similar prices?

OP - sorry for hijacking your thread!

RelievedSheff

Stebani wrote: »

On a serious note, what will happen to new-builds like these if a cap of (say) 250,000 is rolled out up north? Will the developers start building different kind of cheaper flats/homes to fall within the cap, will prices fall for new-build non H2B homes? Or will the H2B buyers just be replaced by open market ones paying similar prices?

OP - sorry for hijacking your thread!

People buying houses like those in the north are not first time buyers and could buy those homes without the help to buy scheme.

Homes like those will still be built.

GDB2222

Stebani wrote: »

Honestly, don't worry about appearing flakey or undecided. Buying a house is probably the biggest single financial transaction that you will undertake in your lives so there's no shame in not moving until you are sure.

An awful lot of people will agree with that. Do what's right for you. If it means losing a few hundred pounds on survey fees, etc, then do that, rather than ploughing ahead with a purchase that's not right for you.

And, don't worry at all about what the developer's sales team think. All they care about is their bonus at the end of the month.

MrsKH92

That is so true. I think honestly with everything I been through lately and then finding out about the price discrepancy it's just probably not the right time for me right now. Better to lose hundreds than spend thousands when it's just not right.

GDB2222

And I very, very much hope that you/your family have a full and prompt recovery.

MrsKH92

Thank you I really appreciate that!

Can't believe all the helpful advice and info have received through this thread.

Definitely feeling a lot less guilty about potentially pulling out now.

MrsKH92

Just thought I would send an update. Been emailing back and forth all day. Although they have confirmed they wont go down to £300k, I havent been able to get them to confirm that they will not reduce at all (I asked them to confirm whether they cannot change the price at all and if so, they should take this as confirmation that we will not proceed with purchase).

So I suppose I wait until Monday presumably now as I assume the manager works Monday-Friday.

Andysandy

I think a better approach would be to say, 300k is our final offer, and if that isn't acceptable, we are pulling out of the purchase. That is more likely to result in a counter offer or a clear statement confirming that 315k is as low as it will go..

GDB2222

£295k is our final offer.

You can always increase from there, and they won't really take it as your final offer.