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?!

Estate agents vary in ability, even those under the same chain. Could this be you have chosen the one that is not good at selling a house like yours?

A year ago is a hell of a long time, though

I remember talking to an estate agent in the summer and he said the same as me - if people didn't sell and have it all complete before the budget, they weren't going to. Certainly round my way here they all knew there was going be a massive drop in sales after the budget.

what we didn't know then was that there would be a war. So even without thinking that would happen, it did seem to me that you needed to be sold i.e. completed before the budget. I'm sorry, but it doesn't look terribly hopeful

People will always need to move for some reason, but it's going to be a very slow quiet market for a long time I reckon.

If it’s a new build estate do you have to pay a yearly service charge for estate maintenance? I wouldn’t buy another house with that in place. They’re a total scam.

I think new builds can sometimes look a bit lifeless compared to older properties.I also think that more expensive homes are harder to sell that smaller homes. The price could probably be an issue due to the financial issues in the world. I’m presuming a lot of people do not want to move currently. There is a 3 bed new build near me that is a rental and it has been for sale for 4 months and had the price reduced but still for sale, the photos could be for tidier but other than that I don’t see an issue. I think it’s a sign of the times.

How do you fit all of that into the ground floor space you have? 160 m2 square isn't huge for a 4-bed house. Maybe the room sizes are putting people off.

I would change EA.

Is your current agent maximising the sale through SM? Are they an independent?

Yes its called "fleecehold" for good reason

Part exchange might be your only way out. Most new builds will do part exchange so if the bigger house you want is on a new build development ask about part exchanging

who is your target market and how
many of them have that budget?

The market has changed a lot & prices in many areas need to reduce to reflect higher mortgage costs. Add in increased living costs, reduced wfh etc.

Also new new builds often have discounts eg reduced stamp duty to make them more attractive.

YABU for starting this thread without a link.
May as well start a "How old do I look?" thread without a picture.

Hi OP.

I agree it's likely due to the current unstable financial situation. We bought a new house last August. Mortgage went up from £770 to £1200 and council tax from £320 to £425. If it was this year I would be worried with the mortgage rates going up and the constant news of impending financial doom in general. Would probably still have moved but I know friends that are already waiting.

For me, 1700sq ft in Warwickshire for 4 beds/4 baths at 650k is the worst of all worlds.

No spare rooms for a family with 3 kids.

Teeny, tiny rooms - a 6m x 4m living room isn't big enough for a family of 5 (or 4 if no separate dining room) and getting 4 bedrooms and 4 bathrooms plus kitchen plus living room into that space (not to mention hallway and entryway) is very tight. Older properties would have a better distribution and allocation of space. These new builds are notorious for squeezing people into tiny spaces on the promise of x many beds and baths.

Not new anymore, not willing to pay that much for something someone has had for 7 years and doesn't warrant renovating.

No office or laundry room or mudroom-equivalent - for 650k.

I think you paid about the right amount when you bought, not sure why others have sold for more. Do you have views? Is another development going up?

I have an exactly the same size house and have four really good sized bedrooms, with a bathroom and two en-suites (all with windows and good sizes) upstairs. Plus the hallway feels spacious and has two massive cupboards, there’s definitely no feeling of squeezing in.

People are having their mortgages withdrawn due to the current climate. The world is on edge and it might not be the best time to sell & buy houses

What size are each of your rooms in feet?

£675k for 1700sq ft?
That sounds small to me for a 4 bed.
Ultimately it only needs one person to fall in love with it and have the money to buy it.
But the market is incredibly sluggish atm so you might want to reconsider your asking price as we all know, if it’s a bargain it will sell.

She said she was 15 miles away from a new build development so presumably she isn’t H in A, she’s 15 miles from there?

.

More likely it is just the price.

This. ^

And this is why the OP would have got much better help and advice if she had posted a link to her house.

She's not going to though, so it is what it is.

So OPs room sizes must be similar, which seem a good size

How big do people want rooms to be!!!

I'd ideally like to upsize in the same area I'm in now. Two properties that I've viewed recently, that last year would have sold quickly, are sitting on the market. The vendors (understandably) want the same price or more that they would have received last year, but buyers are reluctant given world events. A local real estate agent I'm friendly with has said she has seen a noticeable drop in viewings since the war started. We are still looking but I'm much happier being low debt in my three bedder than I was prior to the war and economic uncertainty.

I've seen a lot of people mention that as a factor. One thing I haven't seen (though admittedly I've skimmed the last few pages), is the looming impact of AI. White collar jobs are under threat in a way they haven't been previously. That's another thing that's staying our hand. DH is in a well-paid job but he's worried about AI and its impact on the job market should he lose his current role.

We're in Australia, not the UK, but these factors are being felt worldwide.

Your estate agent isn't doing a great job if they aren't getting better feedback from 10 viewings. Are they doing call back the next day?

I would be unlikely to comment much on a house during the viewing. It's usually afterwards that I would form an opinion, comparing with other properties we've seen and talking it through with my husband.