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Wimpey new build
clarky1_2
Posts: 13 Forumite
I reserved a new build about 3 months ago (only £250 deposit) and have only had 3 viewings on my current property (40 years old) in all that time.
http://www.georgewimpey.co.uk/newhomes/Midlands/BannerbrookGrange/
3 months ago the house I am buying was £229,000 and the one I am selling £152,000 (£40,000 outstanding on mortgage) - since then Wimpey have rang 3 times and reduced the asking price of the new build by a total of £12,000 which I in turn have had to match and reduce the asking price of my current property so mine is now down to £140,000.
Part of the original deal was stamp duty paid,hips paid,free removals,free estate agents and £500 towards legal fees as well as a "free" conservatory.
20 people have reserved on the development but only 1 has sold so Wimpey decided to appoint another estate agent so we are now up with 2 seperate agents and last week the local paper advertised all of the properties in great detail (only 5 houses per page) but out of this we only had one viewing which went really well - the viewer told Wimpey they loved the property but didnt like the fact the back garden was entirely slabbed (only recently) and had no grass - wimpey offered to remove the slabs and lay turf at their own expense but still no good but then again it is a buyers market.
I was interested to see that Wimpey now have an advert on their website asking people who have already sold to ring for a special discount so would be interesting to know how low they will go and what further incentives they will offer.
It made me laugh when we first chose extras I mentioned that I liked the 10 downlighters in the kitchen expecting to pay between £100-£200 but it was £55 per downlighter so £550 - when I chose tiles for the kitchen she mentioned 707 and I asked if that was the reference number for the tile we chose but that was the price for just tiling the kitchen (total price for the kitchen,cloakroom,bathroom and en-suite was £1700!!!.
We said we wanted exactly the same tiles as what was in the showhouse in every room but every single tile was discontinued!!.
At the end of the day we love the wimpey house but what with the problems of getting a mortgage for the full value of a new build and with the current state of the housing market in general it makes you wonder are we doing the right thing?
http://www.georgewimpey.co.uk/newhomes/Midlands/BannerbrookGrange/
3 months ago the house I am buying was £229,000 and the one I am selling £152,000 (£40,000 outstanding on mortgage) - since then Wimpey have rang 3 times and reduced the asking price of the new build by a total of £12,000 which I in turn have had to match and reduce the asking price of my current property so mine is now down to £140,000.
Part of the original deal was stamp duty paid,hips paid,free removals,free estate agents and £500 towards legal fees as well as a "free" conservatory.
20 people have reserved on the development but only 1 has sold so Wimpey decided to appoint another estate agent so we are now up with 2 seperate agents and last week the local paper advertised all of the properties in great detail (only 5 houses per page) but out of this we only had one viewing which went really well - the viewer told Wimpey they loved the property but didnt like the fact the back garden was entirely slabbed (only recently) and had no grass - wimpey offered to remove the slabs and lay turf at their own expense but still no good but then again it is a buyers market.
I was interested to see that Wimpey now have an advert on their website asking people who have already sold to ring for a special discount so would be interesting to know how low they will go and what further incentives they will offer.
It made me laugh when we first chose extras I mentioned that I liked the 10 downlighters in the kitchen expecting to pay between £100-£200 but it was £55 per downlighter so £550 - when I chose tiles for the kitchen she mentioned 707 and I asked if that was the reference number for the tile we chose but that was the price for just tiling the kitchen (total price for the kitchen,cloakroom,bathroom and en-suite was £1700!!!.
We said we wanted exactly the same tiles as what was in the showhouse in every room but every single tile was discontinued!!.
At the end of the day we love the wimpey house but what with the problems of getting a mortgage for the full value of a new build and with the current state of the housing market in general it makes you wonder are we doing the right thing?
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Comments
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I dont understand. You are buying AND selling a newbuild? !!!!!!?[FONT=Arial, Helvetica, sans-serif]Rise like Lions after slumber
In unvanquishable number -
Shake your chains to earth like dew
Which in sleep had fallen on you -
Ye are many - they are few.[/FONT]0 -
The one I am selling is over 40 years old - what makes you think it is a new build?0
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The one I am selling is over 40 years old - what makes you think it is a new build?I reserved a new build about 3 months ago (only £250 deposit) and have only had 3 viewings in all that time.
3 months ago the house I am buying was £229,000 and the one I am selling £152,000 (£40,000 outstanding on mortgage) - since then Wimpey have rang 3 times and have knocked off a total of £12,000 off the asking price which I have had to knock off my asking price so mine is now down to £140,000.
This bit here. You make it seem like you have reserved a new build and have only had 3 viewings (of the newbuild) in that time. You then go on to state that Wimpey have been ringing you up to knock down their asking price (awfully nice of them) and you then feel obliged to knock... thats where it gets weeeeiiird![FONT=Arial, Helvetica, sans-serif]Rise like Lions after slumber
In unvanquishable number -
Shake your chains to earth like dew
Which in sleep had fallen on you -
Ye are many - they are few.[/FONT]0 -
Have to agree with the above poster, you did make it sound like you were on about the new build only. From what you have gone on to post I can only presume you are part exchanging your current property for the new build is this correct?
Also I am at a loss as to why you an 100% mortgage on the new build when you only have 40k left on your mortgage and the houses is for sale at 140k so surely you'd be using at least some of the equity in your current house for deposit on the new build????0 -
Have to agree with the above poster, you did make it sound like you were on about the new build only. From what you have gone on to post I can only presume you are part exchanging your current property for the new build is this correct?
Also I am at a loss as to why you an 100% mortgage on the new build when you only have 40k left on your mortgage and the houses is for sale at 140k so surely you'd be using at least some of the equity in your current house for deposit on the new build????
Wimpey do offer a part exchange but only through a 3rd party and the offer they make is way way below valuation so no I am not part exchanging - I cant quite understand the 100% mortgage question as I never stated anything such as this - I would be using all of the equity as deposit on the new build so if I sold for £140k (12k off original price) I would have £100k towards the asking price of 218k (12k off original price) and would also have a further 23k by cashing in my existing endownment policy.0 -
I think you should be relieved that any stress you have isn't insummountable. You may love the new house but at least, from what you say, you don't have to buy it and you still have a roof over your head with a low mortgage. Want and need are two entirely different things.
If you decide to go for it then it's going to involve difficult choices (like price drops) but at least they are your choices and if you got a buyer at a low value on yours you could see if Wimpey would reciprocate % wise before you accept.
Don't keep looking at it as 12k off. That's negative. Look at it as £xk on (whatever you bought for). It's not going to change what the market is doing and with negative thinking, you are just beating yourself up. If prices are falling the more expensive house will fall more, so that's another good reason to remain positive.
The best property deal we ever made was when we managed to get a buyer in a dire market. Yes, we had negative equity to save ourselves out of, but we were able to move and that opened up a large market of desprate sellers, some willing to drop by tremendous %'s.0 -
The bold section quoted from your original post makes it sound like you want 100%At the end of the day we love the wimpey house but what with the problems of getting a mortgage for the full value of a new build and with the current state of the housing market in general it makes you wonder are we doing the right thing?
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You've potentially got £100k equity. Why not buy a house for just that much and not have a mortgage?0
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