Down valuation on new build

[Newbuildbuyer]

Just wanted to see if anyone had had luck negotiating with a developer to lower the purchase price on a new build?
I just heard back from my mortgage broker that the bank valued my new build at £13,000 less than asking price.

The exact style of house I’m looking at was listed 2 months ago at £203,995, then a month ago at £209,995 and the asking price for mine is £212,995. The bank valued it at £200,000. There’s no way I’m paying the asking price and will likely walk away but wondered if anyone had any luck with negotiating  down?

The development is sold out. Bank is asking for comparable homes sold there are none at this price and nearby houses other than development are council houses and the value is much less.

Thanks!

[New Home Expert]

All new homes are sold in batches or releases.
This stops the best plots all being sold first, leaving the less desirable ones.
It also means homes are sold in the order they are being built.

The final advantage is the prices of new releases are always higher that comparable plots of the same house type.
Add in new homes come at a premium price anyway and they are quite often down-valued, especially when lenders expect the market to fall as we should all know now a recession is coming.

You can of course make an offer or negotiate but it will depend on how the homes are selling and whether they are keen to sell for year-end figures or a stock plot, for example.

My advice, have your price and if it is not accepted walk away.

[Newbuildbuyer]

Thank you 😊