What would a cheeky offer be on a new build?

[dandeliondaisy]

We are considering a new build house for our next purchase, however we cannot afford the asking price which seems very expensive. We are in London so property is generally extortionate, and we are realistic with what we can afford. Stupidly, I've got it into my head that we could somehow afford one of these lovely new build properties. Does anyone have an idea of what % under asking price we could offer without being laughed out the room ? Thanks so much for your assistance. We are clueless!

I've looked at a new build. They won't accept offers but they may have incentives eg they will pay 5% of your deposit.

So I could get £12k off the sale price as I'm down sizing so don't need a deposit.

We've had lower offers accepted on new builds before so it's not the case that it's never possible. As a PP said, it's more likely right at the end of the phase when they're trying to shift the remaining few properties.

Thank you so much everyone. Some brilliant insight, I'm so pleased I posted here 🙂

A friend got a huge discount by buying the property that was used as the show home. Worth a try?

They rarely reduce the list price as it has implications for future sales but they can give you a 'deposit contribution' of up to 5% which is effectively a discount. They don't publicise that of course and maintain the myth that the asking price is non negotiable but that's not true, and they can add upgrades and freebies on top. I have a family member who works for a national builder and have bought several new builds with big discounts. It's a good time to try because the interest rate rises have decimated their sales and most are eyeing redundancies. They'll look appalled when you offer but put it in writing and wait it out - chances are good that they'll come back to you.

Hi all, I've recently made a new thread but wondered whether you might know the answer to this qu....

Hi all, I've posted before about potentially offering on a new build property. I asked here about what would be considered a reasonable / cheeky offer! Many people suggested looking at the 'recently sold nearby' prices on Rightmove, however it appears that only a handful of properties sold in 2022 are appearing despite the houses selling at regular intervals from 2021 until now. It's a big development and I've been keep a close eye on the properties for sale. I've checked the land registry government website and again; no properties listed as sold since 2022, and even then, there's only around ten listed! It's so strange. Does anyone have idea why this might be and how I might check ALL those sold in the development? I have checked different postcodes within the development but still no results. Thanks in advance!

You are doing all the right things so it's a surprise. I love a good conspiracy. Do you think that the builders deliberately hold up entries onto the LR so that people such as you are less able to negotiate?

No. It's that first registration is taking a VERY long time at the moment. I think I read 18 months or so.

@XVGN I genuinely wondered the same! It seemed incredibly convenient that there's no evidence of sold prices when the ones that ARE on land registry are SIGNIFICANTLY lower than they're asking for now, albeit two years later.... but I'm sure they couldn't swindle it legally?!

@NoWordForFluffy ahh ok this makes a lot of sense! Thank you x

I think also if things aren't sold through Rightmove they don't show up

When they eventually show up, I don't think the figures will help you.

I am negotiating on a new build at the moment and have been told that the list price is what I will officially pay - they'll give me cash as a 'deposit contribution' but won't reduce the list price as it has implications for future sales.

It makes me wonder how, nationally, this is skewing the picture on house prices.