New build overcharging

Mustlovedogs

saajan_12 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.... 

What's the background here? Why are you looking to sell an identical house, and what does a part ex have to do with it? There's inherently a 'new' premium which you've lost if you're selling a not-so-new house. So that could be some of the difference. 

So after 5 years of having babies and a job change (with a year long considerable paycut) we are back on an even keel so it has become time to look at renovating. Either renovating....or if it works out and makes more financial sense- move.
I hate the layout of my ground floor. So it's either borrow more to renovate this house, or move to a different one. The part exchange has not made any financial sense we would be losing way too much. Apparently part ex is the only 'incentive' the developer will offer, which saves estate agency fees but with the extremely low offer (aware we would need to take less but weren't prepared for that much less) it just makes no sense. So we either sell and achieve possibly 50k more selling privately and buy the new house (all new, layout i want etc) or we spend money on this house. Depends what the cost of each would be in suppose, plus the upheaval of renovating with toddlers in tow. So getting quotes for a renovation to know what would be better financially 

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 they've been there 3 years so far and it's a small development. They have 25% left (approx 20 houses) and 3 of the biggest ones. (2 sold in 2023). But the remaining 25% seem to have been left standing for some time now 

ReadySteadyPop

chanz4 said:

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

No wonder developers are going bust.

secla

Mustlovedogs said:

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:-) 

 
So the house is 200k over the odds but you would be happy with a 20k reduction ?

There must be something about the house/area that warrants the uplift in price, new builds fetch a premium but not that much of a premium and you seem willing to pay 180k for a different floor layout ?

BikingBud

The utter madness of the English property market summed up!

Mustlovedogs

secla said:

Mustlovedogs said:

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:-) 

 
So the house is 200k over the odds but you would be happy with a 20k reduction ?

There must be something about the house/area that warrants the uplift in price, new builds fetch a premium but not that much of a premium and you seem willing to pay 180k for a different floor layout ?

I was considering it, but I think I'm slowly coming to my senses 🙂. There is nothing else about the area to warrant the uplift in price. I live a mile away and they keep telling me to be realistic about what my house would sell for 😳🫣 when pricing theirs 20pk higher than mine. The attraction was it was all new, with the layout i wanted. I wouldn't say it's 200k over the odds but they're telling me it's worth 200k more than mine. Which I definitely don't agree with. If I sold mine for 360k or even 340 (so 20 to 30ish k lower than independent valuation) and they reduced the other side it wouldn't seem so bad. I'd say it's certainly 50 to 100k overpriced (obviously not an expert) but compared to other similar houses for Dale and their sold prices in the area. 

ReadySteadyPop

Mustlovedogs said:

secla said:

Mustlovedogs said:

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:-) 

 
So the house is 200k over the odds but you would be happy with a 20k reduction ?

There must be something about the house/area that warrants the uplift in price, new builds fetch a premium but not that much of a premium and you seem willing to pay 180k for a different floor layout ?

I was considering it, but I think I'm slowly coming to my senses 🙂. There is nothing else about the area to warrant the uplift in price. I live a mile away and they keep telling me to be realistic about what my house would sell for 😳🫣 when pricing theirs 20pk higher than mine. The attraction was it was all new, with the layout i wanted. I wouldn't say it's 200k over the odds but they're telling me it's worth 200k more than mine. Which I definitely don't agree with. If I sold mine for 360k or even 340 (so 20 to 30ish k lower than independent valuation) and they reduced the other side it wouldn't seem so bad. I'd say it's certainly 50 to 100k overpriced (obviously not an expert) but compared to other similar houses for Dale and their sold prices in the area. 

They just sound like kite flyers, surprised there are any left, just goes to show how confused the public got with all the cheap debt flying around. Are you using apps like PropertyLog to track local asking price drops?

Mustlovedogs

ReadySteadyPop said:

Mustlovedogs said:

secla said:

Mustlovedogs said:

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:-) 

 
So the house is 200k over the odds but you would be happy with a 20k reduction ?

There must be something about the house/area that warrants the uplift in price, new builds fetch a premium but not that much of a premium and you seem willing to pay 180k for a different floor layout ?

I was considering it, but I think I'm slowly coming to my senses 🙂. There is nothing else about the area to warrant the uplift in price. I live a mile away and they keep telling me to be realistic about what my house would sell for 😳🫣 when pricing theirs 20pk higher than mine. The attraction was it was all new, with the layout i wanted. I wouldn't say it's 200k over the odds but they're telling me it's worth 200k more than mine. Which I definitely don't agree with. If I sold mine for 360k or even 340 (so 20 to 30ish k lower than independent valuation) and they reduced the other side it wouldn't seem so bad. I'd say it's certainly 50 to 100k overpriced (obviously not an expert) but compared to other similar houses for Dale and their sold prices in the area. 

They just sound like kite flyers, surprised there are any left, just goes to show how confused the public got with all the cheap debt flying around. Are you using apps like PropertyLog to track local asking price drops?

No, I didn't know about that app but I will have a look- thanks for the info 🙂

ReadySteadyPop

Mustlovedogs said:

ReadySteadyPop said:

Mustlovedogs said:

secla said:

Mustlovedogs said:

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:-) 

 
So the house is 200k over the odds but you would be happy with a 20k reduction ?

There must be something about the house/area that warrants the uplift in price, new builds fetch a premium but not that much of a premium and you seem willing to pay 180k for a different floor layout ?

I was considering it, but I think I'm slowly coming to my senses 🙂. There is nothing else about the area to warrant the uplift in price. I live a mile away and they keep telling me to be realistic about what my house would sell for 😳🫣 when pricing theirs 20pk higher than mine. The attraction was it was all new, with the layout i wanted. I wouldn't say it's 200k over the odds but they're telling me it's worth 200k more than mine. Which I definitely don't agree with. If I sold mine for 360k or even 340 (so 20 to 30ish k lower than independent valuation) and they reduced the other side it wouldn't seem so bad. I'd say it's certainly 50 to 100k overpriced (obviously not an expert) but compared to other similar houses for Dale and their sold prices in the area. 

They just sound like kite flyers, surprised there are any left, just goes to show how confused the public got with all the cheap debt flying around. Are you using apps like PropertyLog to track local asking price drops?

No, I didn't know about that app but I will have a look- thanks for the info 🙂

Not the only one but will give you a good feel for various areas.

https://www.propertylog.net/

BikingBud

Mustlovedogs said:

newsgroupmonkey_ said:

Mustlovedogs said:

ReadySteadyPop said:

Mustlovedogs said:

secla said:

Mustlovedogs said:

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:-) 

 
So the house is 200k over the odds but you would be happy with a 20k reduction ?

There must be something about the house/area that warrants the uplift in price, new builds fetch a premium but not that much of a premium and you seem willing to pay 180k for a different floor layout ?

I was considering it, but I think I'm slowly coming to my senses 🙂. There is nothing else about the area to warrant the uplift in price. I live a mile away and they keep telling me to be realistic about what my house would sell for 😳🫣 when pricing theirs 20pk higher than mine. The attraction was it was all new, with the layout i wanted. I wouldn't say it's 200k over the odds but they're telling me it's worth 200k more than mine. Which I definitely don't agree with. If I sold mine for 360k or even 340 (so 20 to 30ish k lower than independent valuation) and they reduced the other side it wouldn't seem so bad. I'd say it's certainly 50 to 100k overpriced (obviously not an expert) but compared to other similar houses for Dale and their sold prices in the area. 

They just sound like kite flyers, surprised there are any left, just goes to show how confused the public got with all the cheap debt flying around. Are you using apps like PropertyLog to track local asking price drops?

No, I didn't know about that app but I will have a look- thanks for the info 🙂

I have no idea about this spam that he keeps pushing - and I'll probably end myself with a ban.

History of this user:
He sold his property in 2003 because of an impending price crash. He was previously known as "Crashy Time".
Moved into a bedsit in Edinburgh. Been there ever since. Keeps talking about the market. Quotes "bonds" and has been saying that the latest interest rates are a "dip" that will eventually shoot up, killing the market, crashing and all BTL landlords will sell up, making him a millionaire.

Ever since, he's told people not to buy property, because there's an "impending price crash" about to happen. Which of course history proves hasn't happened (although there was a dip around 2008)

He's literally just returned from "Gardening leave", having been banned a number of times and coming back with a different username.

I'd probably ignore most of his nonsense. Most of us on this forum know and the forum team don't have the nuts to ban him.

Ah ok. Thank you! Couldn't find the app anyway 🙂

Also bear in mind that people are quite willing to constantly denigrate others because they have a different point of view. I would suggest that you make your own mind up!

Property Log is an extension for chrome that will track house price reductions:



It does provide some interesting information about starting price and current asking price.