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Original poster

Ready to exchange and a much better property has come on the market for the same price

129 replies

curtainst · 07/12/2025 16:58

The house I'm buying needs quite a bit of updating. Everything is decades old and shabby, although well maintained and serviceable. I'm happy with it and we're scheduled to go ahead. Lo and behold a new house comes on the market, the exact same house a hundred metres down the street, with everything updated and brand new. Kitchen, bathroom, flooring, ceilings, lighting, new doors and windows etc. At the same price. What do I do in this scenario? I feel like I'm being shortchanged by this. Should I go to estate agent and negotiate a reduction? Or is that considered unethical at this stage when everything's ready to go? Or do I drop out and go after the other? Or see if house 2 will accept my offer first (it's their asking price so I think they will!) and then break off with current seller? FTB here and very clueless.

OP posts:
Bulbsbulbsbulbs · 07/12/2025 17:03

I was in a similar position once and didn't even view the second house because I felt it was unethical.

What an idiot I was because the owners of the house I was buying pulled out on the day of exchange. So much for ethics.

The system allows you to pull out up to exchange. It's a shit system of course.

NutButterOnToast · 07/12/2025 17:06

You'd be an idiot to buy House 1 at the current asking price.

Whether that means pulling out or negotiating a reduction is up to you

Helpmefindmysoul · 07/12/2025 17:09

A lot of people slate the home buying process in England but you’re not doing anything wrong until you’ve exchanged.

Go view the other house and if you prefer it make an offer and see what happens. Home buying is a large investment and you want the most for your money. If you’ve used all your money to purchase the existing one then how long will renovations etc take? If you want the ready one then will you be able to still add value when you sell.
Depends on what you prefer but there’s nothing wrong to pull out if that’s what you want.

FYI you can pass on your searches if you don’t proceed with the exiting purchase to new buyers if they’re still in date with a new buyer.

yorkshiretoffee · 07/12/2025 17:13

View the other house.
It should be unethical but the system allows this. You don't want to be living 100 metres from your dream house when you are knee deep in stalling renovations.
(You might not actually like new house when you view it)

dairydebris · 07/12/2025 17:13

Id definitely view and offer on 2nd house if I liked it.
I dont think id ask for a reduction this close to exchange.
If I was the seller of the second house id very much not look on your offer favorably knowing you'd pulled out of another purchase so close to exchange.
House buying is brutal.

BreadInCaptivity · 07/12/2025 17:15

View the second house asap and verify that it is a match for the one you have offered on.

What might not be immediately apparent is the quality of the work they have had done, state/size of the garden (and which way it faces), quality of parking etc.

If you like it better then make an offer.

Its sad for the owners of the property you are about to exchange on, but it just reflects the state of the current market and would suggests the house is significantly over price (as it’s not just doing the work but the effort to do so).

NotForTheMoneyandNotForTheApplause · 07/12/2025 17:21

Why is it the same price?

That would make me wonder if there's something wrong with it or you are overpaying

Either way I'd definitely view the 2nd house and maybe put a pause on the 1st

Happyjoe · 07/12/2025 17:29

Look at the 2nd house for sure. That's a lot of work, mess and cost that you'd save on. It's ok to pull out of a buy, annoying yes but this is the most expensive purchase you will ever make, you need to make sure it's right for you.

AutumnLeavesFallingFast · 07/12/2025 17:30

It's a crap thing to do to the sellers you're about to exchange with

BUT

YOU have to put YOU first, it's a LOT of money.

renovating is a huge pain in the arse now & very expensive. But you do get what you want (within your budget' and not someone else's choices!

I think you need to view No2 ASAP before you angst over it much more. Because in person you might not like it, or feel right in it.

then look at them objectively & decide which you want to buy. Whatever you do make your decision & act on it ASAP.

You have 4 options (I think)

  1. stick as you are.
  2. reduce offer to no1
  3. pull out of no1 completely
  4. put in an offer on no2

it's too much money to just 'play nice'. The system we have sucks, but it's the system we have...

Elle771 · 07/12/2025 17:32

Definitely view 2nd house! Seems strange the selling agent for house 2 hasnt priced it above house 1..... so might be reasons that become apparent and make it less appealing once you view?

WallaceinAnderland · 07/12/2025 17:32

It's not personal. View the other house.

Lostmyway86 · 07/12/2025 17:33

Go and view the second house 100%.

glastogal · 07/12/2025 17:35

As a FTB with no chain to disrupt, absolutely go and view this other house!!

mikado1 · 07/12/2025 17:39

Definitely view it but I would expect it to go above asking, going on your description of the local price and this upgrade.. Meanwhile any dallying could lose you original house. Tread carefully and see what works best.

Original poster
curtainst · 07/12/2025 17:41

Thank you everyone. It seems unanimous! I'm such a pussy, I feel really bad for the seller who's very lovely and looking forward to selling quickly so I'm kinda reluctant to pull out. But I'll have to be a big girl about this. I did wonder about why house 2 is priced so low with all that high spec stuff, will go and see. My surveyor did say I could reduce the price on house 1 a bit, as I'd have to spend quite a bit of money updating it. But the estate agent would have none of it and put the fear of God into me saying that if I play hardball then the seller will pull out. I'm desperate to move.

OP posts:
bigliness · 07/12/2025 17:42

Are you getting a mortgage? Did it come in below asking for house 1?

Original poster
curtainst · 07/12/2025 17:42

It's absolutely the same house. It's part of the same "development" (not a new one), and I've seen the inside pics and floor plan, square footage etc. Even the outside looks the same.

OP posts:
Original poster
curtainst · 07/12/2025 17:43

bigliness · 07/12/2025 17:42

Are you getting a mortgage? Did it come in below asking for house 1?

No the mortgage was fine.

OP posts:
BreadInCaptivity · 07/12/2025 17:48

AutumnLeavesFallingFast · 07/12/2025 17:30

It's a crap thing to do to the sellers you're about to exchange with

BUT

YOU have to put YOU first, it's a LOT of money.

renovating is a huge pain in the arse now & very expensive. But you do get what you want (within your budget' and not someone else's choices!

I think you need to view No2 ASAP before you angst over it much more. Because in person you might not like it, or feel right in it.

then look at them objectively & decide which you want to buy. Whatever you do make your decision & act on it ASAP.

You have 4 options (I think)

  1. stick as you are.
  2. reduce offer to no1
  3. pull out of no1 completely
  4. put in an offer on no2

it's too much money to just 'play nice'. The system we have sucks, but it's the system we have...

I do think this raises a good point.

I’ve always bought houses that are “fixer uppers”.

The main reason is I want what I want. I don’t want to live with someone else’s design choices and pay extra for them.

That said, you’d no even be paying extra here, so IF the houses are equivalent I’d still be going back for a reduction on the first property.

However you may find you like the finished in the second, in which cases you’d be silly to buy the first unless the discount was VERY substantial.

LividArse · 07/12/2025 17:49

If you're "desperate to move" you have to factor in that you might become the bottom rung of a very long chain and subject to the whims of someone else above you pulling out six months down the line.

rainingsnoring · 07/12/2025 17:49

It's bad timing but of course you must go and view the second house. Have a look, see if you like it and then make a decision.
If you prefer it, you could offer and then see what happens. It does sound as if you are over paying for the current house. Don't listen to the estate agent when trying to negotiate. They act for the seller and are playing sales tactics. You are a FTB and should take care not to over pay in the current market.

redboxer321 · 07/12/2025 17:49

Given your update, you're almost certainly paying too much for the house you are about to complete on. You sound similar to me in that respect. I paid too much for my current house, I know about estate agent's tactics, dishonesty etc but was desperate to move and paid too much just to get it done. I don't actually regret it but I do wish I'd negotiated a bit harder.
I'd definitely look at the other house but if you choose to stick and the houses are comparable, you should try to get a substantial amount off. It's not just the cost of having work done, it's the hassle, the risk... Very much a don't do as i do, do as I tell you post 😀Good luck!

mikado1 · 07/12/2025 17:50

We sold 6m ago and a house three doors away also went up for sale. Both the same price and square footage but we had a corner plot so there was a bigger garden plus a better aspect... something that can make a real difference and you can't change. Could there be a difference like that?
Definitely ask EA if there's been a lot if interest in new house.

SwayzeM · 07/12/2025 17:50

Just one thing. You say you're desperate to move, but how desperate. Your current vendors have everything lined up I assume and you could be moving fairly soon. What would the position be for the vendors of house 2? Are you prepared to wait several months more for them to find a place to buy and potentially end up in a long chain. If they've underpriced their house how easy will it be for them to find a property to buy. Might they struggle and want to remarket later. Could you end up being gazumped. Other than that you have to consider what is best for you.

Bulbsbulbsbulbs · 07/12/2025 17:52

curtainst · 07/12/2025 17:41

Thank you everyone. It seems unanimous! I'm such a pussy, I feel really bad for the seller who's very lovely and looking forward to selling quickly so I'm kinda reluctant to pull out. But I'll have to be a big girl about this. I did wonder about why house 2 is priced so low with all that high spec stuff, will go and see. My surveyor did say I could reduce the price on house 1 a bit, as I'd have to spend quite a bit of money updating it. But the estate agent would have none of it and put the fear of God into me saying that if I play hardball then the seller will pull out. I'm desperate to move.

Estate agents lie and they always say people will pull out! I have never met an honest estate agent, they want their commission!