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

[shesaidshesleavingonasunday]

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?

Rent yours out and rent somewhere

Yes it is leasehold but so is every single other flat round here. It is a very long lease. Service charge is low. And in any case that isn't advertised on the listing so can't see why that would be affecting anything.

Just with some people tightening their belts, service charges etc are under increasing scrutiny. In addition a big issue with cladding and the issues people are facing- check out LBC today

I tend to think of something isn’t selling it needs to be cheaper- only you know how low you can go

I tend to think of something isn’t selling it needs to be cheaper- only you know how low you can go

I would usually agree with you but it is not just my flat that isn't selling.

In addition a big issue with cladding and the issues people are facing- check out LBC today

There isn't any cladding - it is a Victorian conversion.

Definitely rent it out. And think twice before turning bedroom into office. Losing a bedroom will affect rental. In lewisham it’ll be either sharers or a family. If your kitchen isn’t in the living rooms you could get 3 sharersthi I always prefer families. You’d get £1200 a month minimum. Would that be enough to rent where you want to go?

OP I know the market is insane but what are your options? If you can’t sell can you rent and rent? Is there anything you can do to make it more liveable? Like a PP said we’re not moving as the market is insane and things in the upper brackets are moving and it’s a seller market. I saw a total doer upper (like no water and electricity with all toilets/kitchen condemned) and it went for full asking price three weeks ago. It’s just crazy what’s moving and what’s not!

OP, if there’s a long lease and a low service charge, that should IMO def. be on the listing.

And think twice before turning bedroom into office. Losing a bedroom will affect rental

It is still a bedroom, there's just a desk in there now. Feedback from viewers is that they wanted a home office, not a child's bedroom (which is what it used to be).

We could rent it out and rent elsewhere, that is our only option. But I am very risk averse and it feels very risky to me.

Losing a bedroom will affect rental. In lewisham it’ll be either sharers or a family

That simply isn't true; people who live in flats like mine in this area are generally young professional couples, not family. It is a pretty middle class bit of Lewisham.

The flat is too small for sharers. It is suited to a single person or couple who want a spare bedroom that doubles up as an office, or a couple with one young child. The second bedroom is not a double.

I'm looking to buy in London next year so keep an eye on what's happening. All the houses and flats I like are soon snapped up, so to me it looks like a buoyant market. But it is very location specific as always.

If we move out of London as planned we'll be looking for a 2 bed flat for when we have to come down here to work, maybe others will be the same? Fingers crossed for you x

Not sure how long you’ve owned OP but another issue is that prices are now so high that it’s restricting the market to couples according to my local agents ...

My concern about renting out is that it seems v difficult to evict tenants (especially during a pandemic). If they stop paying and I’m relying on that income to cover the mortgage as I’m renting elsewhere - where does that leave me?

Definitely put the service charge and lease in the listing. It makes it much more appealing to have concrete figures rather than a miscellaneous fear of a potentially enormous Service Charge

Plenty of houses (and flats) are selling in my area, just not in my price bracket. Our flat is on for 350. We are noticing that anything upwards of 400 is having no trouble selling. I assume people are taking advantage of the stamp duty holiday to go to the next one up.

We have just put our two bed zone 2 flat on the market at £415k and have only had one viewing, it’s a lovely flat in good condition, low service charge and separate kitchen, but the lack of outside space will make it very hard to sell I think.

I sympathise. We have a 16-month-old and are talking about another. The plan was to move before the end of the year to a house. Houses in the areas we like (not far from where you are), are selling quickly.

We may stick it out, or rent somewhere and rent this one out.

OP - I believe you, but have to say your viewers are ridiculous if they cannot work out that you could pull a bed out of a spare room and stick a desk there instead!

Thanks for feedback. If yr risk averse Lewisham council do this landlord deal - they take over the flat, pay you rent, sort out any repairs etc and return it to you in agreed time 1 yr / 3 yrs etc. I’m going to use it if and when my tenants move out. Best luck

My concern about renting out is that it seems v difficult to evict tenants (especially during a pandemic). If they stop paying and I’m relying on that income to cover the mortgage as I’m renting elsewhere - where does that leave me?

Well quite, that is my concern too.

I'm making myself ill from the stress of it. My hair is actually falling out, that is how bad it is

I shouldn't have started this thread. I know people are trying to be helpful but whenever anyone gives me advice on how to market it better I just want to scream it's the market. It doesnt matter about anything else. It could come with a free wish granting unicorn and it still wouldn't sell right now

I’d love to know where your flat is OP- I’m from lewisham, sold a flat in lee, now live in grove park. Obsessed with property I’ll let you know if overpriced

I'm planning to buy in London having sold my house already but it doesn't feel like a good time to buy at the moment, things seem a bit crazy and overinflated, so I'm going to wait and see what happens in the next 6 months.
I think I'm not the only one. Doesn't help sellers, but I just feel too much is at risk at the moment.

But why are you going to buy/rent a flat in a city given that city centres are currently not great and if you have been given the ability to work from home why would you sit in a flat when you could buy a house outside London or even the UK? Estate agents can talk up what they want but as companies shed office space there is no reason to live in the city.

OP - I believe you, but have to say your viewers are ridiculous if they cannot work out that you could pull a bed out of a spare room and stick a desk there instead!

Agreed but apparently people are thick and have no vision 🤷‍♀️

I do blame my original agent as I think they were misleading about the size of the second bedroom. It is most definitely a single room only. Not a box, decently sized, but a single nonetheless.

When it goes on again it'll be with a different agent.

But why are you going to buy/rent a flat in a city given that city centres are currently not great and if you have been given the ability to work from home why would you sit in a flat when you could buy a house outside London or even the UK? Estate agents can talk up what they want but as companies shed office space there is no reason to live in the city.

Thanks thats super helpful to hear

Might as well just give up now then

OnlyFoolsnMothers

It is in hither green but we've taken it off the market til september so I can't send you a link