AIBU to wonder why our fairly priced new-build house is not selling?

Some people might make nasty comments, @Aluna - but others might offer constructive advice. We are not all the same.

This. They’re only asking so they can attack the decor and tell you to buy cushions, throws & pot plants.

Yabu to not post the house. Anyone can say 'why isn't my house selling' and how can anyone make an informed choice about why your house isn't selling without seeing it!!

Do you have to pay maintenance/ground rent? How much is that on top of a mortgage?

We are probably the same income bracket as you and honestly I wouldn't even buy a new pan set in John Lewis the other day as I'm so concerned about the economy for the next six months so I can't imagine anyone wanting to buy a house!

As I said previously — it’s not a good time to be selling

Anecdotal evidence here - affluent part of the south west - two professional couples I know in their mid to late thirties have both put their plans on hold to upscale from their three bed semi-s to a four bedroom detached because of the present uncertainty regarding mortgage interest rates and the geopolitical uncertainty.

My personal opinion is that all bets are off with the housing market at present. I live in a supposedly desirable village where there are two excellent four bedroom properties on the market - older than yours with excellent size gardens - both excellently upgraded and maintained - both been on since January with absolutely no interest. Ironically for much less than yours, but of course that's down to the area - both £500k. No other house going right down to about £250k has sold either. Usually our village is very popular.

How desperate are you? I would re-think your plans - as someone suggested up-thread maybe use the playroom as a bedroom instead?

Your house will probably only appeal to aspirational fairly young people - and again they're all being held back by the present uncertainty of the job market due to AI and the aforementioned mortgage interest rates. And as many have said, if they do buy, they will want a brand new house with all the safeguards that gives them.

So I see your strategy as either - massively reduce your price to make it more competitive with the new builds in your area, or withdraw for the present and see how things develop in the near future.

I should add that I think this is just one issue currently affecting the market, particularly the 4/5 bed newish builds.
2/3 bed H2B owners cant afford to move up,CoL, interest rates, job insecurity, ME war

Yes it was new builds only , FTB could borrow up to 20% of the purchase price
When stamp duty was paused the market went wild.
They couldnt get them up fast enough and many people bought off the plan and watched their house being built.
Imho quantity over quality

The issue
H2B plus zero stamp duty got many people on the ladder but it was a bit kick the can down the road .This created demand for new builds and the market went crazy
Imho it meant NB house prices were vastly inflated

House prices have dropped from the 2022 peak.
After 5 years the H2B loan starts to accrue interest.
You can either pay it off or its repaid when you sell.
This is the issue
If you are looking to move up the ladder you cant as you have lost the NB premium plus you have to pay back 20% of your sold price to H2B if you took out a loan

Total trap

Yes, sounds sensible to price competitively and sell asap if downsizing.

Yes, we didn't have that scheme when we bought in 2008, we had to have a 10percent deposit after the market crash. I did have a friend who got a 100% mortgage a couple of years before and ended up in financial difficulties. Was that scheme only for new builds? My other half is a carpenter, he said he would never buy a new build as the build quality is poor and they are small.

I've been quite active on this thread as we're in the same position as the OP. Low interest. We have five doubles but the house has not sold even when it's priced the same as the four beds on our 18 year old development.I contacted my agent and she said it has been slow over Easter. Tellingly she told me not to change our kitchen whereas before she thought it would be worth it. Best competitively price and move on (we' re downsizing). £100k less than last year

I haven’t read the full thread but as someone currently looking for a house like yours, the 4th bed being a single would be a deal breaker for me. We have 3 kids and wouldn’t want one to end up in the tiny room whilst the other 2 got doubles.

I dont think they're small, they're akin to our 20s semi room sizes. Not large, not small.

Well yes and thats what she is calling it but doesnt necessarily chime with people who say they like new builds

But then Im a hypocrite because in my head I describe anything from the 80s onward as a 'new build'!! I hate modern looking houses.

Yes, one of the reasons sales are down 60%, borrowing costs are obviously the more over-riding reason though.

They are fairly normal room sizes for modern houses on new developments.

The thread is titled "New-build"?

I think this is spot on.

How much are new builds in the area? Generally people who want a new build want a proper new build which hasn’t been lived in, people who don’t want a new build want something older than 5 years, so you’re not appealing to a huge chunk of the market

OP hasnt got a new build, thats the point

I presume the poster means she is in a good position because she has a good house at a good price to sell

Sorry, having a new-build doesn"t put you in a good position, new-build sales are down around 60% recently.

Yay, lets start borrowing again! Has Iran actually said anything, or is it all coming from Trump? The way Sky and Bloomberg were cheerleading this was almost pathetic, so very obviously choreographed to try and get debt costs down.

Here you go
It really is not a good time to be selling

Its really impossible to say without a link other than generally the market as it is currently