Need to make an offer on a house asap!!

[Changeitplease]

Bottom line is we like the house!! It is a new build and the developer has just lost out on the buyer today. It is the last property to sell and we have already shown our interest.
They have asked that if we are interested we can make an offer now. We have the agreement in principle.
Now question is what the offer should be? It is on market for £1.1 and apparently their last offer was full asking. Wise Mumsnet people - pls advise what should our offer be? We don't have anything to sell. In today's market what should be the offer? Any advice!!

Oh yeah.

I didn't suggest there weren't any new builds at 1 m by the way. Just that my 2 min google attempt didn't throw any up.

Those saying it might be a one off new build - OP said it's the ''last one''.

I can only assume you bought a new build?

Offer 1.05mio no chain
show them your mortgage standing if it’s very strong i.e bit deposits etc

they might just take it since a lot of ppl are getting mortgage rejections now. The credit availability is under huge pressure at the moment.

You are googling wrong. Most new build in good areas in London 3 beds are 1 mío above.

You’re basing this on what? The area? You don’t know where it is. The house itself? You haven’t seen it. The only thing you’re basing it on is the fact that it’s a new build - although given the utterly bizarre attitude towards new builds that I’m seeing on this thread, I’m not surprised that you’re dismissing it with zero information to back it up.

I find it hysterical that there are so many people acting like a £1m+ new build is rarer than unicorn shit 😆 There’s a development of ten such houses at the end of my road!

Yeah tiny! For that much money you'd want a bit of land, no?!

If that was true there would be no such thing as luxury apartments.

But it's not an apartment, it's a house!

lol

Yes. I’m basing it on the fact it’s a new build and the housing market isn’t looking very strong right now. That’s enough information to draw the conclusion that I drew. It’s not a bizarre attitude, it’s a well known fact.

I made no comment that new builds aren’t above £1 million so not sure why you’re directing that at me. I actually completely agree - wildly overpriced new builds are absolutely everywhere.

It’s strange how you think we don’t have enough information to make a judgement but the OP expects us to make a much more difficult judgement based on that information.

@ToothHurtie no we just a bought a doer upper, but it has a smaller garden than that. I live in a city though.
@FilthyforFirth I wouldn't want a massive garden unless I could afford a gardener to manage it. Wouldnt want to spend my weekends mowing a lawn. I think a lot of people feel the same no?

It depends on how keen the developer is to pack up and move onto the next development. My gut says offer bang on £1m and be prepared to negotiate upwards incrementally.

Can you show us the house OP, or at least give us an idea of location and size so we can help? Square footage is fine.

When we completed they incentivised us with cash upon completion, we got £7k on a £500k house but the market has changed a lot and they are offering £12k upon completion so I would ask for alterations £24/30k upon completion maybe more tbh. That way the house will be registered at the full asking price, they will have done the same with the previous buyers, that way it doesn't effect the asking price.... good luck 🤞

Try for a mill and see what happens (if they are a little desperate, they will surely accept or at least counter-offer).

If you could easily get another house at least that good, maybe even go a little lower to see if they counter-offer at a mill (though that’s a bit riskier).

I’m well aware that it’s a house. My point is that “You’d want a bit of land, no?” is a very basic assessment. Not everyone who wants a nice house wants a huge garden.

This!! You might want to structure any deal with them paying some of your stamp duty as that keeps the headline price higher for resale down the road. Though you always pay a premium for brand new build and will take a hit on resale particularly in london.

The last offer is irrelevant, because it fell through.

Newbuilds don't hold their value. This is fine if you love the house and intend to stay for a long time - but does mean it's not worth overpaying.

Also, the builders are chasing you. That tells you that you are in a strong position. They are pushing you to offer quickly for a reason - don't be drawn into thinking you're in competition with someone else, because you probably aren't.

When's their accounting year end? Is it March 31st? They may be wanting to book the profit this financial year.

Land?

shudder

no thanks

location and internal space… yes please
land? Nope. Unappealing!

Alterations = cash 💰 sorry typo, cash upon completion also goes towards your deposit so you can reduce your mortgage application if needed.

A basic statement? Jesus, glad I don't know you in real life! How strange to be so rude over a completely innocent comment.

Sorry to to derail OP. I shall leave this thread to the professionals!

I don’t see @WomanStanleyWoman2 being the least bit rude 🤷‍♀️

And pp didn’t say basic statement

“basic assessment”

Which it was

I would offer full asking but with cash on completion of £100k nothing to lose. 🤞

This!

This. I like the contribution to stamp duty idea too.