RESIDENTS living across from £100million "abandoned" estate said people don’t want to pay £500k to move to their "old pit village".
Fed-up homeowners said the development in Nottinghamshire has been left on hold for months.
The £100million housing project in Clipstone, near Mansfield was set to build 313 homes.
Developers had been working on The Oaks estate in Clipstone Road East since 2021.
But the site's future has now been put on hold after Sherwood Oak Homes fell into administration.
Gary Duerden, 53, who lives in the area, said the situation is a "shame" for the town as locals are "in need" of more housing.
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He said: "It's a shame because I know that some people had issues with it.
"But I've got no problems with new housing because we do need it."
Building work was being carried out by contractor Henry Boot Construction – with properties thought to first appear on the market last year.
But what should have been a peaceful new community is now an empty estate.
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Neighbours have now slammed the plans and said people don’t want to pay half million pounds to move to an "abandoned" area.
Homeowner Pete Cooper, 56, claimed: "I bought this house 30 years ago for the land and for the view.
"That doesn't get taken into account now.
"I knew something wasn't right with it. But in an area like this, an old pit village, you're not going to get people paying £500,000 for a three or four-bedroom house."
Plans approved by Mansfield District Council also included a number of green spaces across the property – with oak trees to reflect the development’s name.
But residents claimed there hasn't been any investment in their area since the estate was built.
Mr Duerden added: "The only issue I did have is that with new housing you need new amenities.
"If you lived in Arnold or Beeston there would have been something built with the development, but there's no investment around here."
A Section 106 planning agreement also outlined plans for walking and cycling as well as investment in Spa Ponds and Vicar Water nature reserves.
However, homeowners said traffic hasn't gotten any better.
Another Clipstone Road East resident added: "We moved here eight years ago from Essex because there was no traffic, but now it's just like Essex was back then. It's just getting worse.
"It's a pity they didn't go bust before they started building the houses."
Head of Planning and Regeneration at Mansfield District Council Martyn Saxton said the site is now waiting a new buyer.
He said: "Whilst the company in question may have gone into administration, the development has commenced.
"Therefore, any company buying the site could implement the remaining development as approved or submit an alternative scheme for the remainder of the development."
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It comes as other residents of a seaside town said it's being ruined by an "eyesore" £20million newbuild estate.
Angry locals claimed the crumbling housing estate in The Sands, Kent, is a dumping ground full of pigeons and rabbits.
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