New build overcharging

Mustlovedogs

Due to a recent part ex disaster with a new build developer not working out, I am currently considering whether to sell privately or redesign my ground floor

Essentially I'd be swapping for the same house for 200k more than they valued mine, same square feet, a mile away.... as there house is SO overpriced for the area (new build premium or not) i was just wondering if anyone has any experience of a development dropping their prices at any point in the year. Wondering whether to hold out.....because I really can't see many people being silly enough to buy at those prices when there's such a disparity compared to the rest of the are....

ReadySteadyPop

Mustlovedogs said:

Due to a recent part ex disaster with a new build developer not working out, I am currently considering whether to sell privately or redesign my ground floor

Essentially I'd be swapping for the same house for 200k more than they valued mine, same square feet, a mile away.... as there house is SO overpriced for the area (new build premium or not) i was just wondering if anyone has any experience of a development dropping their prices at any point in the year. Wondering whether to hold out.....because I really can't see many people being silly enough to buy at those prices when there's such a disparity compared to the rest of the are....

You never know, but the now much higher cost of borrowing will thankfully save some people. Lots of developers in trouble now hence the mumblings about another HTB type scheme.

Mustlovedogs

ReadySteadyPop said:

Mustlovedogs said:

Due to a recent part ex disaster with a new build developer not working out, I am currently considering whether to sell privately or redesign my ground floor

Essentially I'd be swapping for the same house for 200k more than they valued mine, same square feet, a mile away.... as there house is SO overpriced for the area (new build premium or not) i was just wondering if anyone has any experience of a development dropping their prices at any point in the year. Wondering whether to hold out.....because I really can't see many people being silly enough to buy at those prices when there's such a disparity compared to the rest of the are....

You never know, but the now much higher cost of borrowing will thankfully save some people. Lots of developers in trouble now hence the mumblings about another HTB type scheme.

As in they're not selling? I just can't get my head around the justification of a price tag of 150-200k more than similar houses in the area, including mine. I just wanted it because I loved the ground floor design and it's new and ready, but I can't justify 200k over the same size house down the road. Just confused as to how they're getting away with it. 

ReadySteadyPop

Mustlovedogs said:

ReadySteadyPop said:

Mustlovedogs said:

Due to a recent part ex disaster with a new build developer not working out, I am currently considering whether to sell privately or redesign my ground floor

Essentially I'd be swapping for the same house for 200k more than they valued mine, same square feet, a mile away.... as there house is SO overpriced for the area (new build premium or not) i was just wondering if anyone has any experience of a development dropping their prices at any point in the year. Wondering whether to hold out.....because I really can't see many people being silly enough to buy at those prices when there's such a disparity compared to the rest of the are....

You never know, but the now much higher cost of borrowing will thankfully save some people. Lots of developers in trouble now hence the mumblings about another HTB type scheme.

As in they're not selling? I just can't get my head around the justification of a price tag of 150-200k more than similar houses in the area, including mine. I just wanted it because I loved the ground floor design and it's new and ready, but I can't justify 200k over the same size house down the road. Just confused as to how they're getting away with it. 

Without links it is just guesswork, and the forum rules don`t allow linking to the property.

ReadySteadyPop

Mustlovedogs said:

ReadySteadyPop said:

Mustlovedogs said:

Due to a recent part ex disaster with a new build developer not working out, I am currently considering whether to sell privately or redesign my ground floor

Essentially I'd be swapping for the same house for 200k more than they valued mine, same square feet, a mile away.... as there house is SO overpriced for the area (new build premium or not) i was just wondering if anyone has any experience of a development dropping their prices at any point in the year. Wondering whether to hold out.....because I really can't see many people being silly enough to buy at those prices when there's such a disparity compared to the rest of the are....

You never know, but the now much higher cost of borrowing will thankfully save some people. Lots of developers in trouble now hence the mumblings about another HTB type scheme.

As in they're not selling? I just can't get my head around the justification of a price tag of 150-200k more than similar houses in the area, including mine. I just wanted it because I loved the ground floor design and it's new and ready, but I can't justify 200k over the same size house down the road. Just confused as to how they're getting away with it. 

How quickly are they selling?

chanz4

new build are way over priced a lot of the time, some that were for sale 2 years ago before I brought my are still trying to sell

WYSPECIAL

Mustlovedogs said:

ReadySteadyPop said:

Mustlovedogs said:

Due to a recent part ex disaster with a new build developer not working out, I am currently considering whether to sell privately or redesign my ground floor

Essentially I'd be swapping for the same house for 200k more than they valued mine, same square feet, a mile away.... as there house is SO overpriced for the area (new build premium or not) i was just wondering if anyone has any experience of a development dropping their prices at any point in the year. Wondering whether to hold out.....because I really can't see many people being silly enough to buy at those prices when there's such a disparity compared to the rest of the are....

You never know, but the now much higher cost of borrowing will thankfully save some people. Lots of developers in trouble now hence the mumblings about another HTB type scheme.

As in they're not selling? I just can't get my head around the justification of a price tag of 150-200k more than similar houses in the area, including mine. I just wanted it because I loved the ground floor design and it's new and ready, but I can't justify 200k over the same size house down the road. Just confused as to how they're getting away with it. 

If they don't sell them then they're not getting away with it!
Why not get a quote to reconfigure your ground  floor to the layout you want?

RHemmings

Mustlovedogs said:

Due to a recent part ex disaster with a new build developer not working out, I am currently considering whether to sell privately or redesign my ground floor

Essentially I'd be swapping for the same house for 200k more than they valued mine, same square feet, a mile away.... as there house is SO overpriced for the area (new build premium or not) i was just wondering if anyone has any experience of a development dropping their prices at any point in the year. Wondering whether to hold out.....because I really can't see many people being silly enough to buy at those prices when there's such a disparity compared to the rest of the are....

Please excuse me if I'm being ignorant. But, why would you consider buying a property that is 'so overpriced for the area'? It sounds like the developer would have a long way to drop before they get somewhere you consider reasonable. In that case, I think I'd be looking for somewhere different. 

I had read that developers will drop prices, particularly for the last few properties in each batch offered for sale in case of staged development. In my case, just before I offered on the property I actually bought, I dropped into a newbuild estate office saying that I was just checking the options before offering. I wondered if they would suggest any negotiation. They didn't. They said that they only had a few of the current properties left, which they were confident would be sold within days, and that the next lot to come on for sale would be months away. 

The developers are a business and they will sell unsold inventory at reduced price if they can't sell them otherwise. But, won't if they don't have to. They are a business, so you can easily make an offer if you want to. If I was you, I would just say to them that I would be interested in the property but you think it's overpriced. Then see what they say. 

Mustlovedogs

ReadySteadyPop said:

Mustlovedogs said:

ReadySteadyPop said:

Mustlovedogs said:

Due to a recent part ex disaster with a new build developer not working out, I am currently considering whether to sell privately or redesign my ground floor

Essentially I'd be swapping for the same house for 200k more than they valued mine, same square feet, a mile away.... as there house is SO overpriced for the area (new build premium or not) i was just wondering if anyone has any experience of a development dropping their prices at any point in the year. Wondering whether to hold out.....because I really can't see many people being silly enough to buy at those prices when there's such a disparity compared to the rest of the are....

You never know, but the now much higher cost of borrowing will thankfully save some people. Lots of developers in trouble now hence the mumblings about another HTB type scheme.

As in they're not selling? I just can't get my head around the justification of a price tag of 150-200k more than similar houses in the area, including mine. I just wanted it because I loved the ground floor design and it's new and ready, but I can't justify 200k over the same size house down the road. Just confused as to how they're getting away with it. 

How quickly are they selling?

Well its a fairly small site the site has been there since 2022 and they have in the region of 20 properties left. They have 3 of this particular house left. The one I was looking at has been stood finished since before Christmas but they don't seem phased and are confident they will sell. 

Mustlovedogs

WYSPECIAL said:

Mustlovedogs said:

ReadySteadyPop said:

Mustlovedogs said:

Due to a recent part ex disaster with a new build developer not working out, I am currently considering whether to sell privately or redesign my ground floor

Essentially I'd be swapping for the same house for 200k more than they valued mine, same square feet, a mile away.... as there house is SO overpriced for the area (new build premium or not) i was just wondering if anyone has any experience of a development dropping their prices at any point in the year. Wondering whether to hold out.....because I really can't see many people being silly enough to buy at those prices when there's such a disparity compared to the rest of the are....

You never know, but the now much higher cost of borrowing will thankfully save some people. Lots of developers in trouble now hence the mumblings about another HTB type scheme.

As in they're not selling? I just can't get my head around the justification of a price tag of 150-200k more than similar houses in the area, including mine. I just wanted it because I loved the ground floor design and it's new and ready, but I can't justify 200k over the same size house down the road. Just confused as to how they're getting away with it. 

If they don't sell them then they're not getting away with it!
Why not get a quote to reconfigure your ground  floor to the layout you want?

Yeah ill be keeping an eye, quite interested to see if they do sell. Kind of keen to wait a few months and then see if there's any wiggle room. But yep looking into quotes to redesign my house also

Mustlovedogs

RHemmings said:

Mustlovedogs said:

Due to a recent part ex disaster with a new build developer not working out, I am currently considering whether to sell privately or redesign my ground floor

Essentially I'd be swapping for the same house for 200k more than they valued mine, same square feet, a mile away.... as there house is SO overpriced for the area (new build premium or not) i was just wondering if anyone has any experience of a development dropping their prices at any point in the year. Wondering whether to hold out.....because I really can't see many people being silly enough to buy at those prices when there's such a disparity compared to the rest of the are....

Please excuse me if I'm being ignorant. But, why would you consider buying a property that is 'so overpriced for the area'? It sounds like the developer would have a long way to drop before they get somewhere you consider reasonable. In that case, I think I'd be looking for somewhere different. 

I had read that developers will drop prices, particularly for the last few properties in each batch offered for sale in case of staged development. In my case, just before I offered on the property I actually bought, I dropped into a newbuild estate office saying that I was just checking the options before offering. I wondered if they would suggest any negotiation. They didn't. They said that they only had a few of the current properties left, which they were confident would be sold within days, and that the next lot to come on for sale would be months away. 

The developers are a business and they will sell unsold inventory at reduced price if they can't sell them otherwise. But, won't if they don't have to. They are a business, so you can easily make an offer if you want to. If I was you, I would just say to them that I would be interested in the property but you think it's overpriced. Then see what they say. 

No i get what you're saying completely.
I'm not considering buying at the price they have it up for, if I could achieve more for mine selling privately so it wouldn't increase my mortgage as and they'd reduce by say 20k then I'd consider it. But yep that's what I'm considering, holding off for a few months, see if they sell, if they do there we are then, if not would it be worth seeing how low they'd go. My brain is full from too much thinking:-)