New build undervalued by 17%??

Cal90

Unfortunately, getting caught up in everything, once my reservation feed was down I went back to spec what I wanted in the house. 

Had to pay 20% on the day with the remainder on completion. 

That 20% was just over £2000... obviously I will ask for it back. If I don’t, of course I will be awkward as possible and ask for £2000 worth of the items to be available to me. 

janrobelle

Word of caution, I bought a new build 4 years ago, priced £209,950. The first valuation was £190k and the LTV put me into a higher interest rate bracket so I did not proceed, the builder organised a second valuation that came in at exactly £209,950. Due to a change of circumstances I have come to sell and the house is still £20k over the value of comparable properties on the development so that difference will crystalise into a loss.

Markneath

Im of the opinion we won’t know what’s going on in the housing market until early next year at the earliest, we will probably see a dead cat bounce in sales in the short term.
At the moment you have anyone who was waiting to buy the last few months snapping up what’s available so everything looks great.

What happens when this back log of buyers dries up?
What happens when furlough ends and people start loosing their jobs?
Why did the chancellor suspend stamp duty?
Don’t  be afraid to walk away, go with the valuers opinion on value!

getmore4less

When people start losing their jobs there are 2 effects,
People stay put and try to ride it out so supply dries up, those that can move get less choice.
some have to bail out so there are some fire sales.
You get a bit of a balance so that can stop a major crash
That pent up demand can support prices and leave  some priced out so it can take a while to run out of buyers.