Is anyone trying to sell a London flat at the moment?

(211 Posts)
shesaidshesleavingonasunday Tue 25-Aug-20 19:15:17

Specifically, a flat with no garden. Ours has been on since March just before lockdown with sporadic viewings and no offers. Price lowered as much as it can go. Totally de cluttered.

The problem is not the flat, the problem is the market. If you look at rightmove, no similar flats within a 3 mile radius of mine have sold since the beginning of August. None. We are talking about hundreds of flats.

I am honestly terrified and devastated in equal measure right now.

Please don't tell me oh everyone is moving out of London for the countryside, bla bla bla - I know that full well. It doesnt change how awful I feel about it.

Anyone in the same situation and want to commiserate?

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shesaidshesleavingonasunday Tue 25-Aug-20 19:44:00

Just me then!!!

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FizzyPink Tue 25-Aug-20 19:55:06

My boss is in the same position and they’ve had to rent it out as they needed to move out of London. They had an offer in March which was then withdrawn and just can’t even get viewings since.

Their main issue is that they’re in an area full of new build flats that just aren’t selling so unless they massively drop the price they’ve got no chance of selling. They have a huge balcony but no garden.

singersarp Tue 25-Aug-20 19:57:47

Hang in there OP. We are looking for a flat in London for a weekend bolt hole. Plenty of people who move to their country idle will be racing back to london within a year!

shesaidshesleavingonasunday Tue 25-Aug-20 19:58:04

I cry about it all the time.

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tara66 Tue 25-Aug-20 20:01:52

A couple of flats in my building were on the market but now seem to have been withdrawn. One of them is showing for rent now. It had had lots of work done to it and was on at a very high price but the heating had been made into ''automatic' 'flame gas fires in 2 main rooms instead of radiators which I have never seen in the building before and which I don't think everyone wants.

shesaidshesleavingonasunday Tue 25-Aug-20 20:04:43

Ours is off the market at the moment as we decided to make ds's room into an office in the vain hope of attracting more viewers.

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shesaidshesleavingonasunday Tue 25-Aug-20 20:15:19

The flats just above the price bracket we are in are selling OK, but anything 400k and below is just not budging at all.

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Gulpingcoffee Tue 25-Aug-20 20:16:26

I thought the London property market was having a mini boom? Or is it people want houses rather than flats?

shesaidshesleavingonasunday Tue 25-Aug-20 20:17:15

Yes, they want houses and outdoor space.

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DespairingHomeowner Tue 25-Aug-20 20:17:58

Am also trying to sell a London flat with no garden- it’s a beautiful flat but little interest, I’m starting to resign myself to idea that I may not be able to move until a year or 2 when this pandemic is over / at least when offices go back

shesaidshesleavingonasunday Tue 25-Aug-20 20:25:29

I just cant cope with having to wait that long, expecting dc 2 and there is just no room.

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Dazedandconfused28 Tue 25-Aug-20 20:28:46

We're about to put ours on the market, same price & Im holding out very little hope.

If we don't get offers, we will try to hang on to it, rent it out & rent elsewhere. Could this be an option?

DespairingHomeowner Tue 25-Aug-20 20:36:16

Like PP I see my other option as renting out and renting something myself : or taking a hit on price.

I would NEVER have imagined hard to sell a flat close to tube & C London! It’s v frustrating as I have difficult neighbours who I’d like to get away from sad

Username7521 Tue 25-Aug-20 20:38:39

So sorry to hear that.

I’m not sure if this helps but we were looking to sell our garden flat in Notting hill and the agents said for once a family would probably buy it rather than a landlord. Due to covid no one can Airbnb their place so the rental market has been flooded and now tanked but it does mean that ordinary people are managing to buy rather than buy to let cash buyers.
He also said it’s a passing phase.
So hold out. It will sell. Things are overinflated at the mo with no stamp duty so people are looking the next rung up. People are buying closer in due to no LL. I think the only thing to do is wait

Manolin Tue 25-Aug-20 20:41:04

singersarp

Hang in there OP. We are looking for a flat in London for a weekend bolt hole. Plenty of people who move to their country idle will be racing back to london within a year!

This ^^

This is exactly what I hear from my contacts in estate agencies.

shesaidshesleavingonasunday Tue 25-Aug-20 20:46:36

I'd be happy taking a hit on price but there's only so low we can go and they just don't seem to sell no matter what they cost

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Viviennemary Tue 25-Aug-20 20:52:28

There is an interesting thread in the property section re a poster having trouble selling an upmarket London flat. There is just so much competition and people desperate to sell.

summerday1975 Tue 25-Aug-20 20:55:21

Where are you in London? N10 is absolutely crazy currently with so many sales. We saw a flat a few minutes from ours, listed for £750k no garden and snapped up within days. It has to be completely refurbished inside. Like everything!
A lot of other flats for sale with no garden equally going under offer. The agents valued ours at £800k - a lot more than we paid for 4 years ago. We have a large garden but can’t be accessed directly but it’s very quiet garden with no annoying neighbors. We thought to sell ours and buy something a little bigger in the same area but there are so many buyers/bidders on the flats we saw that we gave up.

GreyGardens88 Tue 25-Aug-20 21:02:26

The market for flats in London has totally burst you will have to lower your price to get rid of it. This was always a risk of buying in London with the ridiculous over inflated prices

IamShark Tue 25-Aug-20 21:12:58

OP have you made sure the advert is well written - links to your closest outdoors space etc.

shesaidshesleavingonasunday Tue 25-Aug-20 21:13:57

summerday1975

Lewisham.

GreyGardens88

As I've already said twice, it's as low as we can afford to go.

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shesaidshesleavingonasunday Tue 25-Aug-20 21:14:40

IamShark

Yes trust me the listing is not the problem. The problem is the market.

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shesaidshesleavingonasunday Tue 25-Aug-20 21:15:36

It isnt an upmarket area, it is one of the more "affordable" parts of London if such a thing exists.

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Rollerbird Tue 25-Aug-20 21:18:54

My mil sold a 1 bed flat in a week. Ec1w
Needs total refurb. No garden. 3 offers. July.

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