Losing your deposit on a new build if.......

moanymoany

I drove past a local building complex today and I was surprised to see that the price of their 3 bed houses had gone down £50,000 and the price of their 4 beds £80,000.

We had a look round a 4 bed in February to get an idea of how to accessorise our house for the market. The sales bod told us that they had reduced the price of 3 beds by £20,000 just before Christmas to clear the stage of the developement ready for the next stage.

The have also started to rent out some 2 beds for £1,000 a month. There were no plans for rental when they started the build.

Doesn't look good!

kunekune

In the development we're living in, the builder appears to have put two of the biggest houses (massive 4 bed mill conversions) up for rent. The rent they are asking is relatively small. In the short term, this looks like a sensible idea - the other properties are virtually all sold and occupied by the owners (we're the only renters), it means it looks finished, and it keeps the cashflow going. Whether they can afford it in the longer term is another matter. And, of course, at a personal level, I'm concerned that the tenants they find will be a couple of groups of young professionals (easy to get into Leeds, much better accommodation) and our peace and quiet will be shattered!