What's wrong with my friends house?

[Moonflower12]

https://www.rightmove.co.uk/properties/134607254?utmcampaign=property-details&utmmcontent=buying&utmmedium=sharing&utmmsource=copytoclipboard#/&channel=RES_BUY

This is a friend's property. She has dropped the price but still not getting any interest. She has tracked the interest in the property using the Rightmove tracker.

The most interest has been when it's been on a Facebook period property page.

She had 4 EAs value the property and took the lowest valuation.

Is the Estate Agent being crap or is there another reason?

It’s a gorgeous house!
The main issue is likely the very poor EPC as it will cost a lot to heat, we nearly bought a period house and I’m so glad we didn’t in the end. Also the area is not so nice which may mean it isn’t getting as much interest from the sort of people who have this amount of money to spend.

It's beautiful. I don't know the area at all. I think it, ll be down to the market just now. People are very wary about col.

It’s such a shame because it used to be a lovely area and there’s lots of nice Victorian properties. But it started going downhill in the 80s and it’s carried on going downhill. If it were in Tettenhall it’d be snapped up at twice that!

Well it's a lovely house but looks very out of place in that street!

I can't imagine anyone loving the house so much that they'd fork out to much to live on that road in that area!

There a houses just as lovely in much nicer surroundings at similar prices, so really her only option is a massive price drop.

I think it’s probably the running costs unfortunately. It’s hard to get period properties up the EPC scale without spending ££££s. If the family buying it isn’t super wealthy (sounds like they won’t be by comments about location) then the running costs will be a struggle.

It depends how desperate your friend is to sell. If she is going to reduce, I think it needs to be a meaningful drop to £550k in order to appear as a serious seller. I watch properties in this price range and dropping £10k- £15k makes the seller appear unmotivated and out of touch.

It is a beautiful house though.

It's absolutely beautiful. I don’t think there's anything she should do to change the decor. The colours work really well and it definitely isn't cluttered.

So it must be the price.

The frontage is dull and boring. Perhaps some hanging baskets and/or shrubs in big pots?

For those who know the area I suspect it is the best house on the worst street - I don't mean literally the worst street - but it looks like is it expensive compared to other houses. Normal advice is to buy the worst house on the best street if you are interested in keeping value. If that area isn't great then there will always be a problem with sale. Friend of DS 's parents have the most beautiful Georgian house. I wouldn't live in that area if you paid me - BUT the house is lovely. They don't care about resale value and I suspect they paid less than it looks like it is worth.

I think other people have been through the compromise of house vs area already, I also think the parking looks tight on street view and the whole front area isn't very appealing.

You'd need someone to really want a period house of that size, and not be fussed about the location, which is going to be a niche group of people OR the price needs to be dropped to make it more suitable for the area if she needs a quicker sale.

I feel like it's the sort of house which would never be a quick sale, because it's only going to appeal to a certain type of buyer- and as others have said, the market is slow in general at the moment.

There is absolutely nothing wrong with the house. Its gorgeous and seems good value, although I dont know much about the market in Wolverhampton, or about the specific location of the house.

I imagine its purely that people are too nervous to take on a bigger mortgage at the moment. That house is a classic purchase for the 'we are doing well for ourselves, so we are ready to upgrade to our big, forever home' sort of people.

18 months ago it would have been snapped up. Now, no-one who doesn't absolutely need to move, is moving. It's too risky until mortgage rates settle down, or property prices crash. Neither or which looks likely at the moment.

Either take it off the market and sit it out, or if it's really important that they sell asap, then there is no option but to drop the price. But it seems a shame.

Actually, now I've looked at street view I think it's going to suffer from being by far the best and biggest house in an otherwise ordinary looking street with parking issues.

It’s the area. I loved my years in Wolverhampton but it’s a big city and this is right in the middle. You’ve got the ASDA/football stadium area which is all students/HMOs/absolute nightmare on match days/on street parking etc one side and Whitmore Reans to the other (someone asked what is wrong with that area - when I lived there it was very high crime/violent crime). I couldn’t spend that money and sleep peacefully in that area.

Its a lovely house but locations have a ceiling and if you had this money in Wolves you would buy in Finchfield, Tettenhall, out on one of the big old roads out past Merry Hill (proper Merry Hill not the big shopping centre) or one of the little villagey places on the outskirts.

@Fallulah or Penn common kind of area.

That's a beautiful house!! Really surprised it's not been snapped up? Seems like a fair price too.

If the area isn't good then yes most people will avoid if they could buy elsewhere. I'd want good secure double glazing etc

It's beautiful, I have house envy.

I'm seriously weighing up whether I can justify a 5 hour school run round trip each day .... I'm tempted

My jaw dropped when I saw that house - if she can't sell that, I'd have no hope selling mine! It is stunning!

Dated? It's a period house, beautifully decorated and furnished with what I'd say was a tasteful modern simplification of what the original decor would have been like. I'd love it if I could get my old house looking like that- but too many original features have gone. What do you want- for the owner to paint the whole house what I call 'Deeply Depressing Grey', nail gripper boards onto the wooden floors to apply Deeply Depressing Grey carpets, glue Amtico flooring to the tiles, and put in tacky white gloss kitchen units with an island everyone will walk into and nobody will use?
It sounds to me like it has gone beyond the price limit of the road. No matter what you do to a house, there is a limit on what you can get for it given its location. Just like people can get silly money for a real dump on the 'right' road. It's important if you're buying a doer-upper which you plan to sell on, to get a clear handle on the road's upper limit. Also heating is expensive for this kind of house.
A big change in price since last sale could be because a lot has been done to the house- things not always visible. We've spent a lot on this once, most of it invisible- new roof, new drains, that sort of thing- none of it obvious, but it does mean anyone buying it now will have no big bills for decades.

A house like that does not 'need' a new kitchen and bathrooms, unless the likes of the loo leaks, or whatever. A buyer might choose to change them for thewir own personal taste. That's completely different.
On this forum, far too many peopel mistake 'want' for 'need'. It's no wonder some people are get into financial trouble with their houses (though I am not including those who can't help their situation in that comment).

Its lovely. But:
The economy is crap
Its out of keeping with the rest of the street
Sounds like its not in a great area.
Few people need 6 bedrooms - particularly as its not ideal for multi-generation living.

It's gorgeous. I think it's just the market. If the same applies (lower price) on the house they want to get, May drop further? Personally I'd wait it out.

UPDATE:
My friend has decided to take it off the market and sit it out till the spring and reassess the situation then.

In the meantime she is planning a bit of a makeover for the kitchen.

Her kitchen sadly won't make any difference to the fact it's in the worst part of town!

She's just needs to drop the price right down. Right down.

All properties have a ceiling price based on location. No one will pay £600k to live in a 'dog rough' area (as someone upthread called it)

All depends why she's looking to sell etc. Even at £400k she's make a profit!

The only way she'll make what she's asking is if someone from the south east who doesn't know the area takes an interest in it and thinks they're getting a bargain.

So not so much "needs to move for work" but "wants to move provided the market will deliver the necessary price".