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New build prices

Hi I wondered if anyone could advise me. before building industry had to stop,  I had reserved a plot for a new house mmthings are due to resume with the particular company in two weeks,  where I will move to exchanging

 my main concern is should I try and renegotiate the price as I’m concerned the housing market will drop?
thxs
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Comments

  • pinkteapot
    pinkteapot Posts: 8,044 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Is it me, or with threads exclusively about house price speculation banned, are we getting a lot more new posters saying "I'm buying a house, should I renegotiate?"...
  • abanksee
    abanksee Posts: 80 Forumite
    10 Posts Name Dropper
    Is it me, or with threads exclusively about house price speculation banned, are we getting a lot more new posters saying "I'm buying a house, should I renegotiate?"...
    Probably just because it's a new phenomenon due to the climate and people are understandably worried.

    Alot wouldn't have looked at this forum if it wasnt for that. Possibly me included.
  • clayton16749
    clayton16749 Posts: 205 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    I live on a new development. A number of houses were released for sale before lockdown and they've all been reserved in the last few weeks. The site manager said a couple of people tried to renegotiate but were told no. 
    I'm sure it wouldn't hurt to ask but if it's the right house for you and your job is secure I'd just crack on with it.
  • Marvel1
    Marvel1 Posts: 7,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    No, stick to what you offered.
  • RelievedSheff
    RelievedSheff Posts: 12,691 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    It depends how popular the site is, the house type is and how quickly the plots are selling as to whether or not you are likely to get a discount on your agreed price.

    They have certainly still been getting plots reserved through lock down on the three developments here where we are so I would say that the chance of price negotiations here was slim. But that won't be the case everywhere of course.
  • princeofpounds
    princeofpounds Posts: 10,396 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Is it me, or with threads exclusively about house price speculation banned, are we getting a lot more new posters saying "I'm buying a house, should I renegotiate?"...
    It’s almost as if people had very significant financial decisions to make in light of the new economic circumstances... crazy huh?

    The whole banning house price discussion thing on this forum is just weird. It’s like pretending there isn’t an elephant in the room. It was always much more effective to have the house price board active to divert discussion to. Now you just get spillover.
  • Semple
    Semple Posts: 392 Forumite
    Seventh Anniversary 100 Posts Name Dropper Combo Breaker
    As is always the case when trying to make a lower revised offer;
    1) be prepared for the vendor to withdraw you from the offer (this is probably less of a concern on a new build as you'd have usually paid a deposit for the plot)
    2) be prepared for the vendor to make a higher counter-offer (again not really a concern when buying from a housebuilder)
    3) be prepared for the vendor to say no
    4) be prepared to walk away

    The problem with new builds is that the housing developer somewhat still has you over a barrel, as you would have paid a reasonable sized deposit to secure the plot. Which means if the developer is confident that they'll still be able to sell the house if you bail out, then they're just as likely to say no, and would mean you having to forfeit your deposit to walk away. 

    The problem at the moment is that you need evidence of a downturn in the market in order to force their hand, considering the housing market has only just opened, that's not likely to happen for many many months. If there is a countrywide trend in the declining of property prices, then the developer is more likely to negotiate as they'll want to get rid of stock.

  • blue_max_3
    blue_max_3 Posts: 1,194 Forumite
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    I don't think anyone can advise on this. You are sure to meet resistance from the developer, so will you feel better if you try? If you have a deposit, you may lose it if you walk away. So punk, do you feel lucky?
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Of course you can ask.

    And they can refuse.
    Which then gives you the choice of walking away or continuing with your reservation.
  • RelievedSheff
    RelievedSheff Posts: 12,691 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    I don't think anyone can advise on this. You are sure to meet resistance from the developer, so will you feel better if you try? If you have a deposit, you may lose it if you walk away. So punk, do you feel lucky?
    Certainly in our case when we bought a new build last year losing the deposit would have been trivial compared to the cost of the house. Our reservation deposit was £99. We didn't pay anything else towards the house until the day we exchanged, completed and moved in 3.5 weeks later. 
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