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?!

Why would you ever question why someone was selling a house after 7yrs in it? Families move for many, many other reasons than upsizing.

Ah, is it one of those with three floors? And a tiny floor print ➡️ very small actual living area?

Your house sounds fine. What's the area like? Your local town, schools, amenities, public transport, leisure etc. etc.

As someone said upthread, the housing market changed post covid. Plus the economy is shit at the moment, so buyers could be looking for any excuse not to make an offer. Also, there may not be that much of a price difference between a 4 bed and a 5 bed, if the 5 bed sellers are pricing to sell.

Get back onto your agents and push for more ideas from them.

Have you taken the new build premium into account? When you purchase new the price is usually 10-30% above market value for an older house.

If you’ve lived in it for 7 years the “shiny newness” of it has worn off and buyers don’t expect the price to have risen since you had the benefit of it being perfect and new.

If feedback is that people were looking for something bigger, it means they expected more for their money or you’re still overpriced.

You could take it off the market for a few months, or try a different agent …

This calculator also shows how prices have changed in your area overall:

https://www.thetimes.com/life-style/property-home/article/uk-property-prices-tracker-qknt3d6fc?utm_source=twitter&utm_medium=paid-social&utm_campaign=fy26_times_twitter_10_uk_performance_conversions_bau&utm_content=pro_single_image_editorial_property_oct_price-tracker

When you say the house down the road sold for £700k - is that based on the listing or on land registry data?

I think OP later said 3 bathrooms plus a downstairs WC. I imagine there are more of those around.

Buyers are waiting to see how high interest rates go, and hoping that sellers start cutting prices soon to match rates.

Sounds like homes near me. New ish and around that price.

One is now sale agreed after 18 months on the market
One was on the market 6 months before 'sale agreed'
Another 9 months before 'sale agreed'

'Offers over' puts people off. All originally had that but after all changing agents/lowering price 25k or so (from c650k) before securing interest.

30% above market value a while back will mean brutal losses in this market.

The OP isn’t inviting comment about her choice in purchasing a new build house. The purchase of anything is what appeals to individuals and people can prefer new houses or old houses. It depends on their taste in such things.

What she was asking for, is opinions as to why it isn’t selling and it’s clear that the reasons are that the market for that size of house is probably limited, people are thinking, not twice, but much more often, about what they want to do because of the current world situation, the cost of living, fuel prices, mortgage increases and general uncertainty.

I imagine someone will buy it OP, but probably not now and not for the price you’re asking.

A lot of people are not thinking very much about finance IMO, their bank is just telling them they are not getting a mortgage for that amount anymore, end of story.

Must be a "fleecehold" property with estate management charges. They are becoming really hard to sell unless very cheap. Of course that situation is about to get worse too with another round of cost of living increases and inflation. People just dont want them.

This is all supposition, we've no idea really. Although the economy doesn't help.

If it's all open plan then it's not really much of a draw in the communal areas. We have separate kitchen and separate living room. I would hate an open plan area. I like shutting others off when I need peace .

Mortgages are several times more expensive than 5 years ago, so people can't afford to borrow as much as they could back then. You need to reduce the price. Presumably your next house will also be cheaper than it was 5 years ago so who cares?

I agree. However with my house I've been told by three agents to knock down the wall between the breakfast room and kitchen. Not cheap anymore and no quotes have come back.
We're hoping to sell but no luck so far.

Don't do that! EAs don't often give the best advice. What with rising heating costs, children doing homework, people wfh etc, open plan has gone a bit out of vogue.

The market is crap at the moment. We have 3 houses for sale in our road and none are selling. Usually, a house on our road gets snapped up.

Is it being marketed with the same agent? Hmm maybe they’re telling people you’re not committed sellers and you pulled out previously.

A house that been put up for sale twice in such a short time would ring alarm bells for me, especially if I knew the sellers had pulled out first time.

3 have sold in the last 2 months on our road, similar price to the OP’s house. Nobody needed to sell.

The market will be much better when house prices fall by a lot.

Why did they sell?

Exactly, use a mortgage calculator to see how much monthlies your target buyer can afford and price off that.

There isn’t one for sale within five miles of the border of Warks, so…