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?

wowfudge nailed it upthread, I think. (She didn't need to take the programme,even.)

she suggested 225k might be the easier selling price.

In most areas of London there are at least 20% of the new listings are reductions in price. It will accelerate after we get Christmas out of the way.
That's what happens at the beginning of all crashes
Sellers seeing the light, out reducing the last reduced and so it goes until......
225k you are having a Giraffe

nothing wrong with "THE PROGRAM" no debt house paid for , smart car. money in the kitty, well fed dog ......bowels emptied daily clean socks and pants every day. What more could you want

No people have been trodden down abused or cheated in order for me to say that.

I am also an interior designer and know that property values are not in any way related to ikea tat.

I don't think an interia designer who suggests ikea and a £300 make over needs to be withholding her 'free' advice on here. There is a huge bubble in London atm and the new SD rules will cool the top end and push prices downwards accordingly. The govt do come up with all kinds of mad cap schemes to keep the debt bubble afloat but I really think and hope their time is up and we can stop this ridiculous thing in its tracks. I have bought sold and renovated many properties over the last 10 years and the economy and the stock market is looking very much like it did in 2007.

Roneik, I do very much like giraffes. THANKYOU for giving them the attention they deserve on mumsnet. It's usually all kittens and babies.

Yay! Giraffes

25% reduction and she might just rid herself of that monster in waiting.
Delay that reduction and I will laugh when I see the sold price . That's of course if it sells. In a downturn that will last years, that flat will be last on the buyers list.

I sold my house in a day this time last year .. It was a good price ( as I needed to sell to secure new build ) but definitely not cheap .. I just decided not to be greedy or try for more which I would have done had I had more time .

There was a mini boom earlier this year I sold a flat then in a day. BUT by the time the buyer had his 'interview' on affordability the bank reconsidered what they would lend him by 45k! Luckily we had someone else waiting as they had liked it so much as the agent said that by August enquiries had dried up and surveyors were on the down value trail again. I agree roneik this will be a slow burn downward spiral but London is NOT immune. Lower prices is a GOOD thing why people can't see that I don't know.

I don't really care about existing owners getting a better rate tbh as much as the current average house 10x average salary being eradicated and it seems either a crash or stagnation is the only way really. Rates are artificially low and anyone with debt has benefitted from that long enough so remortgaging to get a better deal is yet more reward for borrowing and punishing savers. Young people nowadays have no chance of owning a home All teh wealth is concentrated in one place

OP have you seen this? www.theguardian.com/money/2014/dec/15/london-house-prices-fall-more-than-30000-month

Another silly,scheme launched today by this goat in an attempt to keep market afloat rather than just admit it's over heated and needs a correction.

There has been price softening at the lower end of the market. Also rightmove says asking prices fell significantly last month. Perhaps try £230,000 and see if you generate any interest.

London prices falling

Sorry but people have been saying for years interest rates will rise soon. They haven't, the government policy is all to keep house prices high at any cost.

At most there could be a 0.25 or 0.5 increase in 2015 and that would make little difference.

I am certain there won't be an interest rate rise anytime soon.

My personal feeling about it all is that there will be an almighty crash at some stage, but not in the next few years. An adjustment for the moment, but that's all.

Who knows? No one can. Can't do anything about it except not personally over extend.

Low rates won't stop prices falling george Osborne himself admitted that!

The froth will come off the market but prices won't crash. There are too many vested interests in keeping them broadly where they are.

Relating prices now to prices in 1999 etc isn't relevant.

Relating them to wages though is!

Headlines in the paper today "LONDON PROPERTIES FELL £30.000 LAST MONTH

Ha Ha you wanna bet on that statement littlebear.
Never has our economy or the housing market been such a mess.
All this talk as though what went up cant go down, the trouble is lot's of people know nothing but subsidized interest rates and HPI

Get real we are in the beginnings of a property crash, and it may either go like a landslide very shortly, or go down Japanese style/(20 years of falling prices)

SO many people are tied up in the 'value' of their house and live their life accordingly. If you see it as an asset then you have to be prepared for it to rise and fall If its a home you won't care!

Noddyholder, you are right on that point. People applying for mortgages even on good salaries cant pass the new stress test at the banks. That's with historic low interest rates too.

£30 k is a lot for one month drop on prices per property,it's gaining momentum now .
Hold on tight all you troughers you are in for one hell of a ride downwards

Do you trust everything Gideon says?!

Totally right little bear, they may stop rising by 10% year on year, but for them to crash would be devastating for the whole country so many powers will keep them high.

For anyone that cant do basic maths it's £360 thousand per year

Downward we go into that awful world of reality. Where soon people will have to earn the money to live

I hear a distant scream of a Farrow and Ball fanatic that has the paint, but lost the house to the bailiffs

Our buyer had his mortgage offer reduced by 45k between his agreement in march and full application in april