trying to sell some of our London portfolio but they are not shifting, its the slow winter market right?

[sPJPPp]

We have several btl in London bought around 2008-2009. We want to sell some to reduce our risk as two of them have expensive building works coming up and if the interest rate rises we won't make much, so want to release the money earnt in the last few years.

Every estate agent says how booming the market is but the flats we have in new cross have been on the market for 2 months now and no movement.

Its just the winter market right?

please say Roneik is still banned

I'm not sure about winter markets to be honest. Are you getting viewings?

Viva I was going to say 'hello Roneik' when l read the OP

I'm not sure about a winter market. We viewed our house in October and exchanged in January (London) so people do buy, all year round.

Is it obvious expensive work is coming up? That could put buyers off.

No it's not the winter market. Things are selling well, as usual, in London, if they are nice properties in good locations.

They on average have a viewing about a fortnight, they are in very good location for transport. The works s isnt obvious, we just know it is planned to come up soon.

Annoyingly the tenant's in both have given their notice, so we now need to sell in a matter of weeks else face voids, eek with huge payments.

Surely the reasons they aren't attractive to you will be the same reasons they aren't attractive to others.

Have you viewed other homes investments in the same area at comparable prices, like your potential buyers will have done? Are those selling?

Send us the links on zoopla and we will tell you why they haven't shifted

You better drop the price then, if you need to sell fast and nobody is liking them much, so far.

Sell them quick, before our friend with the mini and the jack Russell turns up.

In all seriousness is Roneik still banned?

They will sell if they are cheap enough.

Who is Roneik?

Roneik is banned? I thought the noise level had reduced!

OP - even in London there is a limit to demand. Drop the price. I bet your potential buyers have found out about the upcoming works, anyone with any sense does some asking around before buying.

Why is Roneik banned? Someone tell me, quickly. He was boring as hell banging on about the same old thing relentlessly, but I never heard him say anything banworthy.

I think most people looking at the flats will be aware of what needs doing imminently and will be factoring that into the asking price, so the bottom line is they must be overpriced. How are the leases looking on them? and can you still get a decent yield as an investor taking into account the monthly maintenance charges?

If the work isn't obvious, what kind of work is it? Are you expected to contribute a huge lump as joint freeholders, or are they ex-council in a block still managed by the council and they are going to pass on your share of some hugely overinflated bill for works to the common parts/exterior? That can be a killer.

Buyers are a lot more savvy about this sort of thing than they used to be.

Isnt New Cross horrible a predominantly student market so maybe highly seasonal for sales as well as rentals?

Idk why roneik is banned. I hope he's allowed back soon, he made me lol.

I think I've just found the thread wot dun it.

He was just being his usual tub-thumping, annoying self, trotting out his same old ranty agenda as far as I could tell.

I've seen the same sort of behaviour on FWR a hundred times and no-one bans them.

Undecided, that's absolutely the case with New Cross. You're best off trying to sell over the summer, but the fact that the flats need building work would put me off any BTL investment; I'd be looking for a steady set of reserves in place for this sort of eventuality which you obviously don't have.

Also if any investors who are looking at it wanting it for the student market, timing is absolutely crucial. They will want it done and dusted in enough time to take advantage of the next batch of viewing students who (unless they are international students arriving and looking in September) will have already started looking for the next academic year now, and will be sorted out before this place can even come onto the rental market. Equally they won't want to complete on it too soon as they'll then have to swallow a long void to tie in the the usual student rental calendar.

Yes, you need to consider the academic year in New Cross. You'll probably have more luck in May/June to complete in July/August. If you can't wait that long then better drop the price.

No help to the OP, but as I understand it Roneik made some nasty mysogynistic comments on that same 'why isn't my one bed garage conversion selling' thread and it all snowballed from there.

Fwiw I found much of the ranting unintelligible and just couldn't make head or tail of it.

Are you brave enough for the feedback on your flats OP?

Is it being marketed as flats or btl opportunities? If it is the latter you may find that puts off a section of your market, especially if it says the properties are currently tenanted.

But if viewings are low it's probably the price.

You need to post the links. One viewing a fortnight isn't good. What does the agent say and are the repairs priced in? What are thry?

Roneik, noooooooooooooooooo.

Also thought of Roneik as I read the title.

are you selling as BTL investments? Or as somewhere to live?