Trouble finding buyers for New Build

amyr

We're currently in the process of trying to sell our New Build property (purchased 2018) and struggling to find a buyer, as many others who have tried to sell on our development have too. 

We've been trying to find a buyer since July 2020 - we succeeded in December 2020 but this has just fallen through (on day of exchange, no less...) and I'm extremely concerned about the prospect of waiting another four months for a new buyer. 

Aware price is the most important factor - but beyond that, are there any top tips for trying to sell an ex-new build? Could anything give us the edge? Any advice or thoughts would be really welcome.

(Safe to say we will not be buying from new again...)

Rachlou_25

Ugh I had this exact situation in 2015, I will never buy a new build again because of it!  It ended in price wars with all the houses trying to sell.  I ended up having to rent mine out and then eventually sold in 2020 after dropping the price/building up more equity and moving back in to redecorate.

Sadly developers know they can screw you even more by making part exchange the only option if you can’t sell.  I would’ve done this if I didn’t find a buyer 

Getting_greyer

Is the development finished? 

amyr

Getting_greyer said:

Is the development finished? 

Unfortunately, no. It's one of the bigger developments being built in the UK. 1,000 houses built, another 5,000 to go... So sadly waiting for them to be complete isn't an option.

amyr

Rachlou_25 said:

Ugh I had this exact situation in 2015, I will never buy a new build again because of it!  It ended in price wars with all the houses trying to sell.  I ended up having to rent mine out and then eventually sold in 2020 after dropping the price/building up more equity and moving back in to redecorate.

Sadly developers know they can screw you even more by making part exchange the only option if you can’t sell.  I would’ve done this if I didn’t find a buyer 

This is our fear - I'm determined to avoid part exchanging and ending up in another. It feels like a vicious cycle!

Getting_greyer

I imagine your up against properties that HTB can be used on then? And likely restrictions on any building work you can do?

 I have no idea if this will help or is viable in anyway but one of the things that put me off on new build estates I saw was the garden.  Yours maybe different but for me they were just brick, grass and lots of other people's windows.  The weather's crap for it but is there any chance you could spend a bit by turning yours into a horticultural paradise? That would be a USP probably but then you may be better off just dropping the asking price instead of spending.
Wish you the best with it.

RelievedSheff

How is the property priced against the new builds?

If a property won't sell it is almost always due to the price.

We are on a new build estate as well. We bought ours in 2019 so have been in for almost two years. The developers are still building here and have just started on the next phase of the development which will see another 250 houses built. There have been a handful of properties that have come onto the market for resale so far and they seem to sell reasonably well but what has gone in their favour is that the price of the brand new new builds has gone up substantially in the last two years. This makes the price of the two year old properties look very attractive in comparison, when they are priced right of course.

numbercruncher8

Is this Barking Riverside? I would think if it is similar it may be due to the price. If lots of others are struggling to sell as well then I can't think of many other reasons. In recent years new always has a premium attached, sometimes a very large one.

With many of the properties being almost identical inside (layout, appliances, finish) there are very few ways to differentiate. Maybe if you have something like a better floor/view this can be emphasised on the advert but it's be quite a bad EA who doesn't realise this.

What was the reason that the original deal fell through?

UnderOffer

We bought an 18 month old ‘new build’ and the main reason was price. It was far cheaper than the other brand new 4 beds being released for sale. I couldn’t see sense in buying one of the other yet to be released plots when this was sitting there as good as new. Our property was a slightly different layout ie no utility, but still 4 beds and 2 bathrooms plus downstairs loo, so we snapped it up. 

So how does your price compare with the others? Is your exact style house still being built? 

moneysavinghero

Your home is not a new build - it is a three year old building. Are you trying to sell for similar prices to the remaining true new builds on the site? Are you trying to sell for more than you paid for the property?

New builds have a new build premium added to the price. Once you have lived in the house that is gone. After 3 years you should not be expecting to sell for more than you what you paid for it. Especially when there are brand new plots available on the same site. Your only edge is price.

Ramouth

How is the property presented?  I’m looking at the moment and, although I know this is stupid, am far more attracted to nearly new builds if they look like a show home inside.  

There are definite advantages to nearly new over new build, the property will have done most of it’s drying out and shrinkage cracks should have appeared and been felt with.  Also buyers know exactly what they are getting.  

It does need to be super tidy to look like the same size rooms as the nice empty new builds though.