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https://www.rightmove.co.uk/properties/137084927#/?channel=RES_NEW So what happens after a year and you still can't afford the eye watering mortgage for your overpriced house?

Hi All, New to this forum so hoping this post finds all well and in the right place. After some advice regarding the purchasing of a new home during the COVID-19 pandemic and looming UK recession. My wife and I have recently (Feb 2020) reserved a home with a UK house builder and are now in the process of signing legal docs etc. In total, we are already invested around £10,000 in the property which is essentially made up from plot reservation fees, property upgrades, mortgage products fees, legals fees etc. but have not yet exchanged contracts or paid our deposit. With a UK recession and downturn in the housing market inevitable, we find ourselves in a difficult position. Do we continue with the purchase of our home? Back out of the deal and hope the house price will be reduced and plot still available? Or trying to renegotiate the asking price? The latter would be the ideal option for us but we are pessimistic that the builder would ever entertain this idea. We have also read that builders are inclined to pull out of sales even if such questions are asked of them. Has anyone else found themselves in the same position? Is the exception that new home prices will also drop during this house crash? Has anyone else tried to renegotiation to new home builders? Any input/advice would be much appreciated. Thank you in advance.

gagging orders should be banned https://www.bbc.com/news/business-46454844

'Our new Bovis home is falling apart and our warranty is worthless' http://www.telegraph.co.uk/property/uk/new-bovis-home-falling-apart-warranty-worthless/

Can new build architecture get any more bland than this block of flats? Ground floor flat £140k 1st floor flat £140k Come on Architects. Put a bit more effort into the design. I personally like 'floor to ceiling' windows/patio doors. These would improve both flats imo (well...maybe not full sized doors for the first floor flat). Still...looks like the developer will do nicely from the former garden of the building on the left (according to Streetview). Also, I like how the bathroom opens right onto the living room in both flats. Lovely. Thank heavens they at least have windows.

A 13 million pound development at Crich in Derbyshire has come into criticism as it is being built next to a nuclear waste dump. 113 houses are being built on the site where the nuclear marine business of Rolls-Royce (which makes nuclear reactors for Royal Navy submarines) had dumped low-level nuclear waste a few years ago. Crich is known to a lot of people as being home to the National Tramway museum and the area although outside the Peak district is also known for its rural scenery. http://www.derbytelegraph.co.uk/village-resident-in-contamination-fear-over-homes-plan/story-30155895-detail/story.html

Background-first time buyer. Couple with kid(age 2.5), so schools required. Budget 325(max 350 if there is no option). Need to travel to Canary Wharf for work. Some new builds came up in hurst green, surrey(marketed for 389K) https://www.taylorwimpey.co.uk/find-...eridian-square Well above our budget. But we can avail help to buy, so we could pay 20K and get this property technically. Schools are rated good by ofsted, but this is not an area which is famous for its schools. Good connectivity to London. Oxted/Hurst Green looks a bit sleepy place. That may not be a bad thing though Property is in an ex-industrial estate(not sure if it is bad) Any opinions, suggestions about this development are welcome. Thank you

ok, the probable answer is no. But I would like to hear any arguments for buying a new build. We are a couple with a 2 year old child trying to buy our first home-max budget 350K(should be commutable to London in less than 1h30min). We should decide whether to buy a new build or a second-hand home. The 20% equity loan provided by the government looks very good on the face. But what I found is, we pay 10-20% up for the premium for buying a new build.Is it typical, or do we really have a chance to buy a new build with a nominal premium above second-hand homes? Is there a builder who actaully provides value for money homes? One advantage for buying a new home is we just need 5 percent of deposit and we can increase our budget since govt pays 20 percent. Will the new build holds value better than an old build? If that is the case, we can take the pain for now and move to a better home(hopefully) 5 years later.