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?!

Opposite where I live. Houses sell within a few days of being advertised online. In high demand. Ex council housing stock.

I don't much like newbuilds and would probably find fault with all of it, but from what you're saying, I suspect the sticking point is that it's a large house with just a single living/dining/kitchen area. Even with a much more modest budget than I'd need to buy your house, I'd consider the lack of a separate kitchen or kitchen/diner a red line I wasn't willing to cross. But as everyone's said, we can't really say anything very specific without a link.

Ultimately, your bigger problem is the general state of global political and economic uncertainty.

Ex show homes are generally a bit bigger to fool people.

The same happens here but that’s because they’re solidly built houses on enormous plots. One local agent has a list of people to notify when they come on to the market. The same can’t be said of any other local properties at the moment. The market generally is dead as a dodo.

I honestly don't know how many normal young families could afford that. Maybe the people who used to be able to afford 4 beds are now in 3 beds with little prospect of moving. Food etc is very expensive now.

I’m currently looking to move. The sort of house you describe comes up in my searches and I generally ignore them. For me, I have no interest in living on a new build estate in a cookie cutter house (I already have one of those that I am trying to leave!).

Other people do though so it’s one of two things:

• There are actual new builds similar to yours where buyers get to start from scratch and have the full 10 year warranty
• There simply aren’t that many buyers with that sort of budget at the moment

Here's one similar (4bed, baths, garage etc) but not exactly the same, in what looks like a desirable area but priced a lot higher - possibly overpriced in the current market but leaving room to test the market.

www.rightmove.co.uk/properties/174032819#/media?id=media0&channel=RES_BUY

Sounds like my sibling’s house. They just took £80k less than they paid in 2020 as they as desperate to move and downsize. They can no longer afford the mortgage payment, council tax and utilities. Had been on and off the market for a year.

Ludicrous comment.

Exactly this. As I said, the OP has created a new username for this thread, so there's no reason whatsoever to not post a link to her house. She posted the thread about her house, so she is the one making her and her house public. As you say, it's a public forum.

When viewers say they were expecting somerhing bigger, they mean it was overpriced for the size.

Also a 5yo new build is always tricky. It's no longer new (and you probably paid a premium becuase it was), but can often come with the problems associated with shoddy modern new builds.

My sibling lives in a tiny new build. Moved in at the start of the phase,not knowing how many other houses are being built there now. The number of houses thrown up there recently is scary, especially when they're doing nothing to cope with the amount of families that will be eventually living there. It won't cope 🙄🤦‍♂️

5 years isn't a very short time to be in a house/own a house. You're talking like the OP is selling if after 9 months or something. Although, I would wonder why someone was selling a house that is a 4 bed with 4 bathrooms! And apparently a huge driveway and huge garden.... Surely, that is big enough for most familes? So I would wonder why they're selling.

Edit: the OP suddenly remembered that she's been in the house for 7 years, not 5!

.

It isn’t heated by oil is it ?

That is overpriced too!

We can't help then! 🙄🙄🙄

I think also you pay a premium on a new build when you buy it brand new - so if you’re comparing the price you’re asking for against what you paid for it, assuming it was brand new 5 years ago, I think it’s fairly common to make a loss if you sell it so soon. It’s no longer brand new and people wouldn’t actually expect to pay the same as you did when you bought it new. Obviously in this country ‘second hand’ as it were isn’t generally applicable to houses, so I think that affect dissipates over time but I have heard that any brand new build will most likely sell at a loss if you look to sell very quickly.

Hampton-in-Arden is a desirable area.

I’d prefer character and more outside space which you could get in our area. Over priced massive new builds just seem to sit forever, nobody wants them.

1700sq ft for a 4 bed house feels cramped IMO. We moved from a 1700 new build (4 bed) to 2900 4 bed (older build). Much better.

I cant find any houses with 4 beds, and 4 bathrooms for 649k within 40miles of Hampden in Arden.

Even though I said dont post the link!

But really, no matter that people would pull apart your tea towels or front door mat or garden chairs, its the market

Stay where you are for now OP, unless you have about 8 kids or something you dont need a 5 bed I wouldnt have thought.

New build sales are down around 60%, there is a ME war starting, interest rates are gong to go up ( 60% drop in sales was BEFORE the Iran war)

Yes, that is crazily overpriced.

Without seeing a listing, I'm just going to assume the following reasons as to why it's not selling:

• It looks small on the listing.
• It is near a loud main road or primary school.
• It shares a garden with the local HMP.
• It looks cluttered.

Yes I would agree. It's a very uncertain time financially. A friend of mine is in exactly the same boat. I think unless people are having to sell they're all sitting back to see how the financial situation goes. Interest rates and fuel costs all play a very important part.