Ask developer to reduce price? New build

Doorlock21

Currently trying to sell our house after our buyer pulled out and our new build we reserved is 6 weeks away from completion.

we are struggling to find a buyer in this market. 

We are going to ask our developer tomorrow if they will knock £10k off the price and we will do the same for ours to secure a buyer. 

Has anyone done something similar before and asked? 

silvercar

No harm in asking. 

Sarah1Mitty2

Not sure 10k would be enough in this market.

dimbo61

the developer may well say sorry but NO
If they have lots of houses on the estate they have already sold for £XXX,XXX then dropping the price for you could put all the other houses in Negative equity 

smipsy

Sarah1Mitty2 said:

Not sure 10k would be enough in this market.

depends on the market / area. where I am (North West) 10k reductions are quite common now with properties coming back on the market with 10k as a standard "reduced today" re-entry.

some areas may get more, but some areas are still probably going up

Doorlock21

smipsy said:

Sarah1Mitty2 said:

Not sure 10k would be enough in this market.

depends on the market / area. where I am (North West) 10k reductions are quite common now with properties coming back on the market with 10k as a standard "reduced today" re-entry.

some areas may get more, but some areas are still probably going up

Yeah I’m guessing it varies. We are going to ask and see how it goes!

robatwork

While worth asking, it's my experience developers hate dropping their price. They will negotiate on things like finishings, fittings, landscaping, but prefer the price to be what's advertised. Of course like anything else it depends on market conditions though - if there's no other interest in your plot then you never know.

And when I say "my experience" this is only from buying one new house. I would never buy another one.

Just to keep you on your toes...take a look at New Home Quality Control | Facebook. 

GDB2222

dimbo61 said:

the developer may well say sorry but NO
If they have lots of houses on the estate they have already sold for £XXX,XXX then dropping the price for you could put all the other houses in Negative equity 

It's nothing to do with the developer, and they need to keep selling houses. 

diystarter7

10k  may be peanuts  on a 800k property. But if you buy up north a 50k property then 10k is 20%. of the value which is more than the worth of peanuts,

If you want 10k off as for 20k

billy2shots

If you haven't already, negotiating stamp duty (if applicable) is a good tactic with developers. 

They paid all my stamp duty (£20k) after I negotiated the sale price as low as they would go to protect their future sales. They couldn't/wouldn't drop the price further so the stamp duty contribution suited both parties. 

GixerKate

It worked for us.  We had a buyer lined up for our old house and agreed a price for a new build, the buyer pulled out so put the house back on the market and ended up with a lower offer from another buyer so we reached out to the developer and explained, and got a reduction off the new build.  Your developer might say no but with the market a bit chaotic at the moment the developer may well rather stick with you than chance it on the market again.

What the developer sold the other plots for doesn't matter, they should treat each plot individually.  Once all the houses are sold and all the systems are updated it makes interesting reading, the plots on my new build estate vary quite a lot!