Caveat emptor

[Tony]

I bought a two-bedroom apartment on The Oaks estate in Witham, Essex, last year for GBP 158,995. Now that I am trying to sell it, I am advised that it is only worth 139950!!!! The estate agents advise that they are shocked that any surveyor would have priced any of the new homes on this estate at the selling price last year and currently. In a time when house prices are still rising nicely, the owners of homes on this estate are losing 20,000 GBP plus. Given the poor service from these builders I would urge anyone to approach with caution unless you too wish to be the only people in negative equity whilst the rest of the nation enjoys healthy increase on investment.

 

[Tony]

This is not the first time I have seen this. It is really imnportant to do your research when buying a new build and speak to local estate agents. You have probably seen this article - Taking a fall in value

Post edited by: Tony, at: 2006/08/07 10:23