Price Drop After Completion

[Newhomebuyer]

Hi,

We’ve recently completed in Dec for the purchase of our new home through a large builder. We’ve now noticed that the same style house two doors down has been dropped by over 10%!! Now this is mainly because they’re coming to the end of site and obviously trying to shift on as it’s not in line with local prices, and I’m of the opinion there’s little we can do as we bought at the price we agreed etc but just wondered if there was perhaps any sort of legal act that may cover this? Unlikely I know but thought I’d ask..

[Peridot]

Re: Price Drop After Completion

Hi Newhomebuyer,
Unfortunately not. You offered a price, the seller accepted and contracts exchanged. That was the price agreed I'm afraid. There are probably others in the area who feel the same but you were all able to negotiate or decide not to make offers when you initially looked at the properties.
It can be galling when things like this happen, but you have your new home which you can make your own. No doubt in the future similar properties will sell for a variety of prices on the road and you wouldn't be able to do anything about that either. Don't pay too much heed to how much other properties are selling for, it just becomes frustrating whether you're in a new build or not. Throw yourselves into making your house a home and enjoy.