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Gigantic Purple Slug

Strange Sold Prices

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A couple of questions.

Recently I've been looking at some new build flats. There are not many left. When I look at the prices sold for on rightmove, there seems to be a large disparity in the sales prices, even though all the flats are the same spec. Some (few) are sold at virtually the advertised price, but others are sold at much much less than this.

I supposes there are a number of possibilities for this, flats sold to holding companies etc, but has anyone seen this before and managed to use such information to their advantage ?

Also, when I went round to have a look at these places, I was met in the show flat by a lovely bimbette, who granted was a very nice young lady but probably 3 paygrades and 40 IQ points below the person I would need to talk to to have a chance of negotiating the price down. Has anyone else had this experience and if so how did you get through the barrier to talk to someone who is in a position to negotiate ?

Thanks.

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The odd prices might be shared-ownerhip, i.e. only 50% of the 'real' price (or 60%, 75%, 30%, whatever). I'm just guessing as I've seen similar on flats that I know where some have been advertised as shared ownership.

Not sure how the other share is accounted for. Presumably if the developers keep it, it hasn't been sold so doesn't need to show up in the land registry?

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Hi Steve,

We had the same experience in looking at new builds in 2005-2008. At that stage we were considering buying one because of my mobility problems and needing a home on one level for a wheelchair.

Didn't go ahead because they were simply too expensive, poorly made or being designed for BTL (for example with no gas cooking/heating so that LL's didn't need to pay for a yearly gas check).

We noticed

1. Flats sold with massive discounts but the discount not showing up on the Land Registry. To give the impression that prices were high. Not all lawyers were going to co-operate with this scheme so it may reflect good/bad lawyers. Obviously, the banks (if a mortgage given) were eager to stop this practise but how many were successful and what about the cash buyers

2. The earliest sales and usually off plan were sometimes given huge discounts especially if they bought bulk

Speak to the Sales Manager of the site and check to see how well their company is doing well before you go. Check when their "year end" is for accounts as sometimes they may offload them cheaper to get them on "this years" books. Ring the Building Company direct and don't go through the bimbette who may work for a local EA company instead.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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