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

[Housesellinghelp]

We have a 5 year old ‘new build’ is a very mumsnet ‘naice’ area in the catchment area for some of the best state schools in the UK. A big 4 bed with four bathrooms, decorated very neutral and fairly high end - it’s definitely a nicer than usual new build. Garden isn’t overlooked, triple driveway, neighbours are staggered so not cramped. Three large doubles and a single bedroom (that could get in a double at a push).

We had our house valued by 3 separate agents. All valued the house between £675-£700k. We listed at £675 as we’d like a fairly fast sale. That was 8 weeks ago. 4 weeks ago we reduced to £649k as we’d had 8 viewings and no offers, and we’ve since had a further 2 viewings but that’s it.

I’ve looked at houses for sale in the area and also houses that have recently sold. We aren’t priced above what seems average. We had our house for sale a couple of years ago very briefly and received an offer for £690k but we changed our minds and pulled out of the sale.

The estate agents have no feedback for us either. They say nobody looks around and criticises anything. The only after viewing feedback we’ve had is that a couple of viewers wanted something a bit bigger/a 5 bed.

Any ideas as to why the house isn’t selling?!

I think young families thinking of upsizing are probably the most under pressure from COLC, rising mortgage rates, job security fear etc, not to mention what heating a bigger house next winter might look like!

And your house with schools, space, garden etc sounds like growing families are your target market.

Not many people are buying right now, and your property type is a bit niche. A lot of people don’t want a ‘new’ home. I wouldn’t buy anything that new as there hasn’t been enough time for all potential build defects to show.
A new build estate in greenbelt is just not everyone’s cup of tea, they’re usually a drive from the nearest shop if you run out of milk, without the charm of living in a proper old village/countryside. The village where I grew up had a train station. The new build they’re putting in on a farm a little distance away has no amenities, and is realistically too far to get anywhere without a car.
I think your right buyer just hasn’t spotted you yet.

We sold a second hand new build 4 beds, 4 baths + loo (don’t ask!) few years ago. We never used 2 of the bathrooms (to save on cleaning).
it was definitely a marmite house - most walked away but those who liked it - Loved it! So there was a cash buyer who paid a decent amount and took the house off our hands in 5 weeks! We did sell it chain free, empty and freshly painted - no work needed.

yours will sell but will take time & price reduction. Else you need to wait for the world to stabilise.

If you paid 595 for it brand new in 2019 you aren't going to get 675 for it now - since then prices have risen but then fallen back again, and with a new build you pay a significant premium for being the first owners and everything being 'brand new'.

People looking at it now are looking at a kitchen and bathrooms that are all 6-7 years old, carpets etc that are 6-7 years old. The shiny new gloss goes off new builds quickly as they often aren't built to the best standards these days.

Its very very very unlikely that you underpaid in 2019... House builders will always tell you you're getting a bargain or a special price but you can be sure if they could have sold it for any more they would have done.

If you need a fifth bedroom @Housesellinghelp can you convert the downstairs playroom into one? Much cheaper than moving!

Yes; pricing is tricky and there's is psychology to it too. If you initially price low it may be seen negatively: why is it so cheap - there must be something wrong with it? Then if it doesn't sell and you reduce it again, some potential buyers may be even more suspicious and at that point completely put off. If it hangs around the property websites unsold for several months, with or without further reductions, many (most?) buyers will write it off and eventually you may have no realistic prospect of selling.

Pricing high initially, up to a certain point, gives you the option to potentially reduce it for a serious / favoured buyer; and the reduction is psychologically positive for the potential buyer, promoting a sense of satisfaction and of something gained. But settling on the right point for a high initial asking price is a fine judgement so not without risk of getting it wrong and thereby lengthening the time taken to get a sale.

Is it in the middle of nowhere where you have to drive to facilities? How much is within walking distance on a footpath?

The housing market here (south coast) is very slow, partly the economic climate and partly the war I think.

My neighbour is trying to sell his house and is feeling the effects - our houses were valued last year at £600-700K and similar properties nearby were selling easily at that time. He put his on the market at the end of the year (I know, not the best time) and as he was keen (desperate) to sell put it on at 500. Some viewings but no offers. He reduced it to 450 and has just had an offer of 400, which is 50 less than he paid in 2021. It seems to be a similar story across the board in this area at this sort of level and upwards. Smaller properties not so much, they seem to be holding their value and selling more easily. I’ve been watching with interest as I’ve been thinking of selling and downsizing, but if that’s the current market value I can’t afford to sell so am going to leave it and see what happens.

Not sure that’s helpful to you, but I don’t think it’s necessarily anything to do with your particular house, it’s a more widespread issue at play.

And 5 years old is hardly "New Build".

I wouldn't call that 4 bathrooms, Id call it 3 bathrooms and a downstairs loo.
I know this area well as have family there, 675 is a lot for a 4 bed newbuild as they generally have smaller gardens than older houses, plus the 'double bedrooms' are typically more modestly sized than in older houses.

Bedrooms not tiny at all. 14 x 15 . All doubles. Ex show home. My house is larger than the OPS.

I've lived in cottages so it's great that four of the five have fitted wardrobes too.

Can you comfortably fit 6 or 7 people round a dining table?
Can you comfortably fit those people in the living room?

So this is brand spanking new and selling for the same as your 7yo house, maybe yours is a tiny bit overpriced?

https://www.rightmove.co.uk/properties/171424265

Number of transactions? Or buyers looking to buy? Or houses for sale?

Why would you need new flooring in a 7 year old house. Whatever you do you should not agree to purchase a new house until your current house is fully sold.

i totally agree! Would prefer a walk in wardrobe.

Unless someone is knowledgeable about property and has actually been in your house (as even photos don’t give the whole story), not sure how they can answer your question tbh.

I suspect that the posters who have said that the current economic uncertainty - rising mortgage rates, the war in the Middle East, rising fuel prices etc - is putting people off from buying houses at the moment, @Housesellinghelp.

And I am not suggesting this is the case for you but the reason I said nobody would be able to answer unless they had been there is that a few years ago I went to view a property that a friend was interested in and it smelled odd.

The photos are attracting views though.

sorry if I missed this but have you had any feedback from the agents?

We moved in 2024 (to the south coast of England from rural Wales) and one of our neighbours has recently sold for 100k less than they paid 3+ years ago.

The road is a popular conservation area. Theirs is a newer build townhouse (1997) whereas ours is a Georgian cottage. The neighbour bought the townhouse in late 2022 (paid 425k), did very little to it (vendor had put in a new kitchen and two bathrooms prior to selling), except replace the established garden with decking.

In 2024 they put it back on the market at 595k. Tumbleweed. They rented it out for a while. Remarketed at a slightly lower price. Eventually reduced to 350k last Autumn. The sale completed last week and the new owner is moving in today. She paid 325k!

We're planning to sell as soon as our renovations are complete - hopefully things will have improved by then.

@Housesellinghelp if you don't need to upsize urgently and you like the area/house, could you consider extending to get a fifth bedroom - I guess not if you have a typical new build small garden?

This is a good point - we saw a new build with en suites for each bedroom- but no space for a wardrobe! Literally you could just get a bed and a chest of drawers in.

The only people getting a mortgage on that would need a household income of £150k+. That's going to be a very small percentage off people and there's plenty of expensive houses for them to pick from. The housing market does not reflect the actual demographics of buyers, hence why there is fierce competition for the smaller, cheaper properties.

Was gunna ay this!! My sister's mortgage for the property she's buying has overnight gone up £200 per month. For many people this would be the deal breaker

Exactly. We are due to remortgage soon. At the beginning of the year, rates had dropped to 3.9% now we’ll be lucky to stay on our current rate of 4.7%. I’m worried.

This.