Friday, July 11, 2008

Anything, but cut the asking price…

Free car with your new home: slump in housing market brings desperate offers

''...Forget slashing the asking price, offer a free car instead. This is the approach that a developer in Newquay is hoping will help him to beat the sales slump as he tries to sell 65 flats. Another developer is simply threatening to sue buyers who pull out of purchasing luxury flats in a £25 million development in Plymouth. ...''

Posted by hpwatcher @ 05:35 AM (804 views)
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11 thoughts on “Anything, but cut the asking price…

  • if it’s a free ferrari it would be a good deal
    £200,0000 flat plus frerrari 430 (retail £140,000)

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  • if it’s a free ferrari it would be a good deal
    £200,0000 flat plus frerrari 430 (retail £140,000)

    That’s what it would need, for it to be a balanced deal.

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  • it_is_going_with_a_bang says:

    I wouldn’t say £250k was cheap for a flat either.
    If someone was going to pay that for a flat, why on earth would they want a smart car?

    More homes are needed however, so it’s about time the government took a hold of this housebuilding situation and built some themselves.
    Except for one good reason : Housing is soo expensive they can’t afford to. Funny that.

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  • Just take the car instead, it’ll hold its price longer and you’ll still have more control over it in a crash!

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  • Boo Hoo – the developer will sue any buyer who pulls out. The cost and effort to do this on a large scale will pobably bankrupt the developer.

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  • I’m going to hold on until they’re giving away a free house with every car bought.

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  • Just take the car instead, it’ll hold its price longer and you’ll still have more control over it in a crash!

    very good martin.

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  • Deja vu. I remember the free car gimmick in the last crash. Why on earth do they not just drop the price by the cost of the car, even though the developer probably gets them cheap by buying in bulk from distressed car sales firms. Surely people aren’t so stupid as to think they are getting something for nothing – or are they? I trust these sales incentives will be disclosed to the lenders, who are already unlikely to lend a high LTV ratio on flats, if anything at all.

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  • mark wadsworth says:

    Damn. Inbreda beat me to it.

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  • God this stinks of desperation !

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  • The stupid thing about this is that if they dropped the house price by the value of the car, it would make people more able to get a mortgage on the damn place! By keeping the house price high they are preventing people from getting an adequate mortgage, and then giving their profits away in the form of a car which buyers are most likely not even interested in.

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