Get the seller to reduce!! Its not worth what the developler wants for it. The housing market we’re in at the moment is a falling market. In six months time the house won’t be worth £235,000 – I can guarentee it will be less.

There is nothing you can legally do but I would talk to the developer and TELL him to reduce if he won’t then honestly? Walk away – its not worth £247,000. Valuers research the area and they know their stuff, don’t pay over the odds else you could find yourself in negative equity shortly.

I doubt, in this market that the developer will let you walk away. Its time to dig your heels on and play hard ball!