New build prices as house prices fall

[Deleted User]

jonnydeppiwish! said:

Just looking where we are and they are now multiple new builds that are showing as reduced on RM

Problem with new builds is they will be reduced from really stupid to pretty stupid.

mi-key

[Deleted User] said:

TheJP said:

[Deleted User] said:

TheJP said:

House prices aren't falling as fast as (Crashy) people and their crystal balls forecasted, my house has been valued £103k more now than it was in 2021 when i bought it. You can negotiate until contracts are exchanged but usually its often harder when you cross the developer threshold of commitment. They will lure you in with cheap freebies. Try and negotiate things like SDLT payment and legal fees etc. That way its money in your bank account. 

Valued by whom?

A RICS surveyor on behalf of my mortgage company.

So not someone actually thinking of buying it then.

It's worth what someone will pay for it. You can get it valued all you like, but in the end nobody is obliged to pay what your survey said.

A buyer would get a RICS surveyor as well if they have a survey done. This would tell them that is what the house is worth in the current market. This would also tell their mortgage lender the buyer is paying a fair price.

If a seller has a survey done that gives a particular value, that is what they are going to list the house for and expect to get. 

Why would a seller sell for a lot less than their surveyor and mortgage lender have valued the house at?

TheJP

[Deleted User] said:

TheJP said:

[Deleted User] said:

TheJP said:

House prices aren't falling as fast as (Crashy) people and their crystal balls forecasted, my house has been valued £103k more now than it was in 2021 when i bought it. You can negotiate until contracts are exchanged but usually its often harder when you cross the developer threshold of commitment. They will lure you in with cheap freebies. Try and negotiate things like SDLT payment and legal fees etc. That way its money in your bank account. 

Valued by whom?

A RICS surveyor on behalf of my mortgage company.

So not someone actually thinking of buying it then.

It's worth what someone will pay for it. You can get it valued all you like, but in the end nobody is obliged to pay what your survey said.

The bank were willing to lend against it. Agree i probably wouldn't get that in the open market but it would still bring in tidy growth. which in turn means house prices are not falling as people think just that people currently selling are happy with the growth in price the property has made and can settle for a lower offer. Just depends how much a seller can lower their margins to make the sale work.