Why isn't my flat selling?

[ratemyflatplease]

Not really an AIBU sorry.

I'm selling my flat at the moment and not getting much interest. I know that ultimately it'll come down to price. But that aside, is there anything in the description or photos that would put you off?

It's in SE London. 3 fair size bedrooms, one tiny box which is only big enough for a single but perfect as an office (which is how I currently have it).

Top floor, so no chance of outside space, which I think lots of people are looking for. Lease has been extended.

Taking a deep breath and posting Rightmove link: https://www.rightmove.co.uk/properties/139866227#/?channel=RES_BUY

VERY interesting, as I said earlier it is crucial to know the sales price history so you can compare the different interest rate eras and reduce your offer price accordingly. There is a BIG price difference between flat 2 and flat 7 before and after the last property crash (the one they bailed out with the too cheap rates that brought us to the present mess for mortgage borrowers) Are these flats totally different in size/design does anyone know? Flats in the block selling for 300k in 2019 will be a major red flag for potential buyers because rates were at historic lows then, from the data you have posted it looks like this flat could be very overpriced and is not selling mainly because of that?

..

Wales and before that Herefordshire/Shropshire area

As they say it's location location location. A studio flat in a very desirable location will often be worth more than a five bed house in the arse end of nowhere with no jobs or amenities nearby.

I mean it looks like a two bed that's had one decent sized room split into two crap sized rooms, and the study isn't a bedroom. It's also a loft conversion which can be risky/cold and the sloped ceilings are incredibly annoying.

The thing is, you are accusing people of having no vision while at the same time imagining four adults living in a flat with a kitchen the size of a postage stamp and a single integrated toilet and bathroom.

I mean you could do it, but you aren't going to get anywhere near top dollar renting that out not to mention the amount of complaints you'd end up getting from the other floors.

I'm also not sure that that would come under the definition of HMO and would require additional facilities such as fire escapes.

Yes, but it won`t be worth 475k (original asking price) if flats in the block were selling for 300k a couple of years ago (when interest rates were at zero)

Not disputing any of that! I’ll take peace and beauty, space and land over hustle and bustle haha. Just London in general insane pricing

Wow I run several of my own businesses and work from home so don’t need to commute. I actually live in an extremely desirable and beautiful area of Wales ! No disrespect to anyone who values and wants the hustle and bustle of the city life. I’m just surprised at the cost for what you get (not just in OP’s flat but others around London too!)

IMO the 'very desirable locations' that actually hold true for this are pretty few and far between. I would say a handful of postcodes in London Zone 1 and that's about it.

There are plenty of places where 5 bedroom houses in the arse end nowhere with no amenities go for rather a lot of money because most of them only come on the market every 30 years or so.

Ha ha. Clearly touched a nerve.

Look I know Wales is lovely but thers is a reason why you can buy a lot more house and land there than in London. House prices like all prices are a function of supply and demand. That is it.

I happen to think the issue with the OP's flat is the price. But the faux naive statements by people wondering why the money that would buy you house and land in some parts of the UK will only get you a flat in London. You know why - because lots and lots of people want to live in London. It's no great mystery.

Hi I just wanted to say your flat is lovely and has loads of potential so it’s probably to do with the “home staging”, particularly re the living room (the master bedroom looks amazing with the armchairs by the way). Could you pull the sofa to the other side in front of the radiator to hide it a bit? The radiator is very dominant at the moment. Or you could have the sofa across the room to make it feel like a more self-contained living space. Best of luck!

How long is the lease , if long would state that on rightmove
speak to agent
and then another re the price just to check
then plants plants plants
furniture is big , maybe a reshuffle
and some rugs or cushions with colour
Kitchen looks dated ( sorry)
replace the doors or paint new handles is a quick fix
its a period property, but looks a bit like dated new build tbh
funk it up a bit

I look at a lot of property listings. I don't necessarily think it's the price.That online listing essentially is your shop window. The photos I think are awful, too dark, poorly angled, the first image is of the bed and it makes the room seem cramp, there is no floor plan. If you could get a proper photo of outside and display first. Kitchens and bathrooms sell houses, so having a nice photo of both helps. I would maybe look at staging a bit better, furniture is oversized for room and void of colour. Could maybe remove some pieces from shared living space. If paying agent I would get them to redo photos and add floor plan. Leasehold and service charges may limit some buyers but common for area. Good luck!

First thing is leasehold - not popular.

Kitchen is tiny with hardly any space to work - especially in relation to the number of bedrooms; it just feels really out of proportion.

The living room seems quite narrow and there’s a lot of wall, with a small, high window, which all makes it feel quite claustrophobic - it doesn’t really feel like this room should be a living room. The spotlights make it quite clinical as well - one or two pendant light fittings would soften it up a bit.

The master bedroom is beautiful though! Light and spacious!

All flats in England are leasehold. It being leasehold per se will not put off buyers looking for a London flat.

Some flats in uk are share of freehold
Some are way way longer leases

Imagine if someone's aged 30 bought it ..

40 - 50 years later theyd struggle to sell due to lease length being near 100 years

Not a good investment.
I learnt this the hard way in my younger years when i bought a flat with a rubbish lease

Share of freehold is still leasehold. My life as a director of a share of freehold company would be a lot easier if all of our leaseholders understood that.

You are right that shorter leases are not a great buy and will impact on price and desirability of a property, but that is different from leasehold per see putting people off.

Many people won't even consider leasehold stuff...

And rightly so tbh

Also very common that those with leasehold are messed about by companies re service charges etc

Autumn 2020 - i was working 60 hrs a week yet had to deal with an incompetent company re service charges

Never ever again

*Imagine if someone's aged 30 bought it ..

40 - 50 years later theyd struggle to sell due to lease length being near 100 years*

Someone aged 30 buying that flat (or any similar flat in London) is very unlikely to keep it that long, there's much higher turnover as people move up the ladder or out of London. Of course a long lease is much better, but they usually are or else the vendor gets it extended, it's not that much of an issue. In the example you, give the owner would surely have known and got it extended before it ran down too far.

Why buy a flat with 160 year lease when theres many others with better leases etc - and not atic rooms etc etc

Probably better to either extend lease further

Also - the market is v slow atm

Chance of maybe 4 percent rates next yr

Many who want to buy / move are waiting til at least spring etc

My friend has a London flat

Flats generally arent doing too well atm anyway

Plus its over priced

My family have 2 properties on the market - people are cautious atm

There are, I agree, many issues, but 160 year lease is not an issue.

It wouldn't be a deal breaker for a fantastic flat, but here it's just yet another not so great feature 🤷🏻‍♀️

Personally I would change the master into a lounge and your current lounge as just a dining area, market as a 2-3 bed and it might attract a couple with no children.

It’s the lounge, it needs a re-vamp. I’d spend some money on trendying it up. New smaller glass dining table to make the room look more spacious or get rid of it all together. I’d perhaps put an extra armchair in there, doesn’t have to match. Add some colour with pictures, cushions, a rug and throws. It looks unlived in. The rest is fine, the kitchen is tired but I think if the lounge looked amazing, buyers will get over the kitchen.