Few viewings and no offers - it's the time of year, right?

[Amethyst24]

DP's flat has been on the market for a few weeks now with barely a sniff. It's a 1-bed in zone 3, in pretty good condition although it's been tenanted for a few years (tenants have now moved out). Was originally priced at offers over £250K but dropped now to £249.950. Seems on a par with others on the market in the area - competitive if anything.

So am I right in thinking that the market is just really slow at this time of year? We're considering giving the agents a week's notice in the hope that they'll make a massive effort in that time, then taking it off the market until the new year and getting valuations from other agents now we're not facing the issue of the stamp duty threshold.

Also wondered whether putting in a new kitchen might help (it's the only thing in the flat that is really dated). But then people would potentially be viewing it when there's work being done and it's a mess, and if the new kitchen wasn't to their taste it might put them off...

Any words of wisdom?

As a first time buyer in London I'd quite like to see property prices come tumbling down. But sadly I doubt it will happen.

roneik my hunch is that you're still good looking, now.

That's a nice comment , I like to keep up to speed appearance wise, and I don't have any /many wrinkles )yet)

My house is decor modern, and my little mini with my hyper jack russell in the back is my idea of a wrinkly mod heaven

But it's bloody cold up here in the north

This has veered a tad off topic but thanks again for the advice - I will keep you posted.

Riverland - I was thinking around 230K tops for marketing, hoping to get 225K or a bit more.

And roneik - whatever 'program' your on; I don't think I need to be on it, thanks all the same.

Some time back I posted that after the election real austere measures would be implemented. Already since then the chancellor has been warned that in order to reduce/repay the deficit not the debt we would go back to the 30s gdp government/ social spending. The interest is mounting to the same level as when the labour goverment called in the IMF .
The currency was devalued by about 30 % The then prime minister Wilson said " the pound in your pocket will not change" (big laugh)
We are entering new phase of showtime (reality bites)

The so called recovery and ponzi house prices will be seen for what it is

Wowfuge , No I completed the program and all is well here.

You really must as a generation not ignore wisdom you too will be old and might even become the target for all those young people shafted by greedy basstewards,

The seer

Amethyst it's the time of year. We will be selling and looking in the new year. No one wants to view properties in December except perhaps BTL purchasers. The market hasn't deteriorated that much this year. The feeding frenzy of the spring has gone (thank goodness - it was ridiculous) but prices are generally holding or dipping slightly. Roneik is living in another world.

Agree people can't be assed generally with property over the Christmas period.

last five sales in that block were in December so itis not THAT time of year
IN my world we go to spec savers and try to read all of the thread not just look at the pictures

Roneik the sales were in December but on average it takes 10-14 weeks from offer to completion so those properties weren't marketed in December, but more likely September.

The op says she has had it on for a few weeks, a cash sale can be 4 weeks. If it's so keenly priced a cash buyer would be drooling over it.
I have done a cash transaction that was 4 weeks 2 days and all the lolly was in my account.
Today the CBI said that low interest rates were holding back the economy and that it would have grown at a much faster rate if they were higher.end quote. If we were not bailing out people that stretched themselves with low rates we would as an economy be stronger. Once those rates go up then many properties will be sold at distressed prices. This is the eve before the storm. It's no good being ignorant to anyone who has differing views.
I know I am right and I will remind you all next year
I am trying to warn you, it's game over very shortly

With house sales at such low levels in the UK the sales procedure should wizz through

I do wonder if you people live in a different dimension , where money from house sales will make you all rich
A house is worth what someone will or can pay. Both have been thrashed to within a millimeter of any sane worlds logic

It's over children , no good having tantrums, the fairies from the bank wont lend or pay a quarter of a million for a Dell boy tower one bedder anymore

Cash buyers aren't the norm and a four week sale process isn't either. The volume of housing transactions doesn't affect the speed of a conveyancing process either.

OP tweak the price if you want to but actually I'd take it off the market for now, tweak some of the photos and put it back on in the New Year when the market opens again.

This is not about 'twigs in vases'.

Current Right Move market trends for SW16 -

www.rightmove.co.uk/house-prices-in-my-area/marketTrendsTotalAvailableListingsAndNew.html?searchLocation=sw16

As you can see, everybody is trying to sell and 'cash in' on the recent bubble in London. So either a hoard of new buyers (and 'investors') need to suddenly appear to sustain recent London price increases OR sales will dry up and / or prices must fall.

Amethyst24 has posted on this thread how she 'sold for 40% above peak' earlier this year. So a London property 'winner' she is then.

Elsewhere on this forum Amethyst24 also posted about her and her partners long term property aspirations -

www.mumsnet.com/Talk/property/a2246755-From-this-to-this-anyone-fancy-doing-a-thumb-suck-cost-guess-for-me

Not so long ago the property they ideally want to end up in could have been easily purchased by any two Londoners on modest professionals' salaries as a first-time buy.

Maybe they might have had to move in first and save up a bit for the refurbishment and done a lot of DIY as well. But that type of house in that area would have been no problem to buy.

Now Amethyst24 and her partner need to plough the equity from the sale of BOTH their flats, sold at 'bubble' prices, plus get a large new mortgage on top, to be able to fulfil their aspirations of getting a modest terrace house in SE London.

Now don't get me wrong. I hope they do end up in the place they aspire to buy. But it just sounds more like others (e.g. estate agents and banks) are 'winning' more out of this London property game than Amethyst24 and her partner.

I have sold houses in downturns and they definitely do go through quicker.
If the op has knocked 50 quid off the asking price of a quarter of a million pounds sterling and she thinks that's a good price , and as you insist a strong market why the has it not it sold yesterday even? he said almost choking on his coffee and baileys

The estate agents are scratching their lower naughty bits and chewing their pens with boredom Solicitors playing games on their I phones that's the reality.Try a few twigs in a big vase

I forgot twigs are so yesterday bejoizus, and little gnomes in the community area.

Billabong, yes you have it spot on. It's pass the parcel now before the crash.
Everyone in londonia thinks they are entitled.
Well hey it's showtime folks, it's time for the reality checkout.
Get your pass slips for the food banks .

Agree with roneik - the London party is over (and I am a small-time London developer so do have some experience!)

Like pp say it takes around 2-3 months for sold prices (although in my experience 4-5 months is not at all unusual) to show and so the recent falls will be evident by January/February and then the panicked sellers will start chasing the market down....

OP I really would advise you to drop 10-15% before it's too late and you have to drop more like 20-25%... there's Victorian flats in Streatham going for your asking price do an ex council needs to be considerably less to attract any meaningful attention.

Everything has a price , when there is an excess the price becomes less

See as in current oil prices and excess houses for sale in a smaller market.

If you price something at the correct level it will sell, with property it's called chasing the market down when people try to get yesterdays price for an asset they are selling tomorrow .

OP, whilst I do agree that the flat could be a tad overpriced, you say that you haven't even had a sniff of interest in a few weeks. I'll confess I'm no expert but as I said above the flat needs some money spending on it and a little bit of elbow grease to freshen up things like the shower screen which looks misted from limescale. It also needs dressing so it looks like an inviting home and then you need to re-do the photos and make sure that the first one you see on the website is the best one (not the front of the building). The obvious problem here is that the photos are not making people want to view it as it looks exactly what it is - an ex-LA flat that has been let out and not shown much love. I'd personally try to at least get people through the door before I did anything more drastic. Also ask your EA what similar properties are going for right now, not earlier in the year or in 2010. If they are going for around the £250k mark then maybe drop to £245k or change the asking price to a range such as £235-255k. The lower end price will get people interested and give you more hits on rightmove etc when people put in their max price.

RICS said its house-price gauge fell to 13, the lowest since May 2013, from 20 in October. An index for London dropped to minus 40, the least since 2010, from minus 33.

Flat 13 went for 67k in 1999

The last land reg sale I can find was in December 2010 sold for 158k
According to rics we are at 2013 london values
My valuation was right

Tarting it up wont make any difference whilst the sale price is so unrealistic.

Cough

Well that's it then , I am so glad you have are all in agreement with me now.

I knew you would all see sense in the end