How f-***ked are we?

[Frazzled252]

We bought a Barratts David Wilson (BDW) five bed home in Bedford this year. It has turned out to be the home from hell, with sewage smells, gurgling and no ceiling or floor plumb.
BDW have admitted that they need to take the house back to brick to sort the issues, and that we will need to move out. That’s not okay with us as we bought a newbuild for the convenience. BDW have offered three months mortgage payments, but we don’t have a mortgage so have no idea what this cash goodwill would look like.
BDW have also offered to provide a cash settlement in lieu of fixing the house but then we’d have to pay ourselves to fix the house and would likely lose money.
We are also keen to move from the dystopian and apocalyptic looking area (Wixams). The issue is that the house was relatively cheap because it is in such a horrific area.
what options do we have?
is there anywhere in the south east that we can get a decent house for 800-900k?
TIA for replies

Go to rented - do anything you can to get back what you paid.

Leverstock Green and villages around there are very nice and less expensive than St Albans and Harpenden.

Yes they buy it back. They pay for removals and storage and buy another new build surely? There willl be something available? They also pay for any hard work you have invested eg we’ve had decking out in and buying costs eg stamp duty etc and solicitors costs in buying and selling - this is your compensation

I did not know that! All those swanky builds!

New builds are like cars they lose value the day you buy them. The premium is for it being a new build. But keep perspective you are very far from "fucked".

Have you been there recently? It's certainly not soulless. I have several friends who live there and they love it. Really family friendly, lots of clubs, sports, nature reserves etc. 5 primary schools, a brilliant secondary school which is rated Outstanding in every area. Plus only a few miles from Cambridge.

ETA it also doesn't have anything like the highest crime rate in Cambridgeshire. Peterborough, Wisbech and Huntingdon have much higher rates.

Leighton Buzzard has schools! 2 decent upper schools, and plenty of lower and niddle schools. Confused by that comment. Lots of amenities. Traffic awful. But good place to live.

I’d take the money and run too. Find a nice rental for 6-12 months, lick your wounds and go again. This must be very stressful - I have absolute sympathy. But at least with them buying it back, the stress of repairs, wondering if they’ll do it properly or not, would be gone.

LB is not that nice to be honest.
Sorry if you live there but it doesn't have a good reputation compared to other towns nearby.

Yes, I see it every time I go to shop at Morrisons. I wouldn’t live there if you paid me. It does have the highest crime rate in Cambridgeshire per head of population.

I totally agree with this post. Madness not to get a mortgage even a small one.

Where I live lots of new builds have sold for more even 1/2 years down the line! Generally though I agree it can be difficult to get more than you paid for it.

Agreed. In many areas it’s so hard to buy a house that these things ideas aren’t relevant.

my new build has tripled in the 20 years since it was built and the first sale, 3 years in, was for 43% more than original purchase price.

part of that is because areas become established and desirable, particularly in the wider context of one of the most expensive or desirable parts of the uk (st Albans) I’m not sure it’s the same near Bedford but I also think it does happen quite commonly.

People assume all sorts. Doesn't mean they're right. Visit South East England assume something different.