New build - pricing

[happychatty]

Morning MN!

I reserved a new build flat "off plan I think" in a new development last year... it's still being built.. was supposed to be ready in Feb, now looking at June apparently. The development has been on sale since summer and is still only 20% sold. I got a 12k reduction on mine... but others are being advertised as another 10k below that at asking price now! What do I do? I'm worried I'm paying over the odds (appreciate you do anyway for new builds) in comparison to the other flats.

Anybody been in this position before? What's the standard practice? I'm a FTB so nervous and clueless!

Have you exchanged contracts?

I’d be speaking to them about getting yours reduced to that level or walking away. I’d also be slightly concerned about the delay and the low sales. But that’s just me, I don’t know if others would feel the same. I certainly would not be paying more than other people for the same flat, especially given the extra delay.

So its only reserved? or have you actually exchanged contracts? How much did it cost to reserve it. Is it exactly the same as the other flats or are there differences (for instance, do some have parking, gardens, better views and so on?) If its like for like and you are only going to lose the deposit (am guessing a grand or so) then it makes no sense for you to carry on with this.
Check with your solicitor.

Tell them to reduce it or walk away

For new build though it sounds like it is very slow selling. Is there a lot of others being built nearby?

Thanks all. Yes only reserved. They're all pretty much the same, none of them have any more or less benefits than the others.

Only development of its kind in the area at the moment too...

Until exchange you are not contractually bound to purchase the property at a fixed price and you are therefore free to negotiate. You may risk your reservation fee if you withdraw.

Thank you all. Wonder if anybody has actually experienced this before and what the developer said...

Pricing can vary depending on which floor you are at and which way your unit faces versus the others on sale. E.g. in our developments, flats facing the main road are a bit cheaper than flats facing the local park/lake as you'd imagine. Also, every floor higher you go, each flat goes up a few thousand £ too.