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Original poster

Where are all the property buyers?

30 replies

gemsie009 · 08/02/2017 11:55

Hi all

Does anyone know if this is generally a slow time of year to sell or offer any advice?

We put our 2 bed maisonette up for sale last month with an online estate agent, first week was great, had 6 viewings booked but then 3 cancelled at last minute and the ones that did show left feedback that the place was lovely but wanted a bigger second bedroom.The listing does state second bedroom is a single room, also very clear in picture and floor plan what size it is. We do have 96 years on lease, front and private back garden and a summer house which we use as a home gym. Also short walk to station which is due to be crossrail.
The second week, 2 viewings booked but they didnt turn up and nothing ever since.

im getting increasingly frustrated as want to move out of the area and settle in before maternity leave ends in August. Partner is just as frustrated and we're getting on eachothers nerves questioning why no viewings?

Meanwhile, a local estate agent keeps calling me asking how the sale is going and that they really need a property like ours as have clients looking, no doubt a tactic to try and get us with them.

All this waiting is driving me mad!

OP posts:

FourToTheFloor · 08/02/2017 11:59

We aren't physically looking at houses but pouring over RM but March is making me nervous tbh. I've told dh we should just wait 6 months to see how things look post A50.

But we are in London and I think everything is incredibly overpriced. We don't have to move, just be nice to have more space.

user1484830599 · 08/02/2017 12:01

It is traditionally a slow time, and things pick up around March. However, I have never seen it this quiet.

How long are you under contract with the online EA? I think for certain properties that they are very good for getting viewers in, but if you aren't getting viewers it may be better to consider a local agent.

Original poster

gemsie009 · 08/02/2017 12:22

No tie in contract with this online EA. Partner wont even look at local EA, he doesn't want to pay their fees! We are needing to move a bit further away as could never afford a house in this area with 2 kiddies and ridiculous childcare costs.

The viewers we had were from central London and none thought it was overpriced so im confident the price isn't an issue. Hopefully we will see it pick up soon.

How long would you leave a property listed before reducing the price?

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TurquoiseDress · 08/02/2017 12:50

Hi gemsie

Where are you approximately?
We are in SE London and looking for a 2 bed flat/maisonette
Ideally would like a larger place but it's all we can afford right now!

Blankscreen · 08/02/2017 12:58

Thing is London is incredibly overpriced generally so even if your flat is in line with market expectations that in itself is overpriced and therefore unaffordable.

Again I think article 50 and all the uncertainty that brings is biting and affecting sales.

Original poster

gemsie009 · 08/02/2017 13:00

We are in West Drayton. Same boat too, would love to stay here as grew up here and friends and family live locally but no way we could afford to stay.

OP posts:

Briette · 08/02/2017 13:01

We sold last year and had about 50 viewings (high demand area) and at least 30 complained about a few of the rooms being too small even though they were specifically described on the listing with exact measurements and a floormap. People are weird. You'll find someone sane eventually.

The media recently ran a scare campaign about leaseholds which might have spooked some FTBs, but I'm sure they'll return.

Original poster

gemsie009 · 08/02/2017 13:13

Would love to get someone through the door right now, preferably someone who has read the listing and has an idea of the second bedroom.

New apartments were built last year on the corner of our road, ugly building and small open plan living space and they sold for ridiculous amounts, apartments are being built all around us, being squeezed into unused offices and small plots of land, expensive but seem to be selling fast.

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Notyetthere · 08/02/2017 14:02

From what you are saying maybe there is over supply of properties of the about the same size meaning that you would need to price yours competitively to entice buyers away from the shiny new built properties. If you are not getting feet through the door then yours might be overpriced.

JeffreySadsacIsUnwell · 08/02/2017 14:39

Maybe they're all waiting for their one-bed or studio flats to sell, and wondering where all the buyers are...

JeffreySadsacIsUnwell · 08/02/2017 14:45

On a more serious note, February is always a quiet time. There's a spike at the beginning of Jan as people who've waited till school goes back after Christmas, or people who want to get on with their New Year's Resolution of moving house, or people who've realised their long-term partner is no longer long-term all put their properties on the market. February has another school holiday, so people with school-age kids do not put their property on the market just before half-term as they will not be able to cope with viewings. People in London without school-age kids escape, either for warm weather or for snow. People with gardens wait until March or April, when the flowers start coming out, everything greens up and you can no longer see the eyesore just beyond the boundary...

Ok, a generalisation, but enough people think like that, or think others think like that, that the whole market slows.

Question is whether it will pick up this spring or whether it will be yet another funny year with A50, after the referendum last year and the general election the year before...

Lohengrin · 08/02/2017 14:51

BREXIT - uncertainty etc. And it will get a LOT worse as the process unfolds.

venys · 08/02/2017 15:20

My friend in Hackney has had his flat on the market since August!! If I look on RM there seems so many properties for sale in the area. I don't know what the answer is though - whether it's drop the price or wait for article 50 to happen??

NancyJoan · 08/02/2017 15:47

Using a high street agent, rather than online, would certainly help.

W8woman · 08/02/2017 16:17

Stamp Duty changes, Brexit Article 50, and fears about the instability in the US post-Trump have killed the market. I'm a property developer and I'm only going to avoid seeing our 30 year old family company go under because post-2007 we went into rentals.

There's no harm in listing with a high street agent if he or she is prepared to grant you a no-sale no-cost deal. Negotiate hard on their percentage too.

TheNaze73 · 08/02/2017 16:20

February is notoriously quiet in the market, added on with the Brexit implications as well, I think it's unfortunate timing.

ThroughThickAndThin01 · 08/02/2017 16:25

I'd definitely use s high street agent, as it sounds like you aren't getting anywhere.

You are talking about dropping the price yet complaining about paying agency fees. An agent working for you should get the besr price possible. I'd rather pay the fees and get them to do the job of getting my flat sold.

FunSpunge · 08/02/2017 16:29

The market has been shite since last summer. I really hope that it does picks up in March because i never in a million years thought after 8 months we would still be looking

Snowflake65 · 08/02/2017 16:38

If it doesn't get offers quickly then it is probably overpriced. If you are with an online agent then there is usually no effort / incentive for them to push it as there will be a clause that you pay after 6 months regardless.

OurBlanche · 08/02/2017 16:42

Industry press says much what has been said here.. quiet part of year plus Brexit uncertainty and media hyping it all.

I'm am more busy than anticipated (as are other clerks I know) so lettings haven't slowed!

Original poster

gemsie009 · 15/02/2017 12:09

So we got rid of the OIEO on the property and within hours, we had 2 viewings booked at the weekend just gone, both buy to let investors. First viewing went great, really liked her and was hoping i'd get an offer from her but nothing as yet, second arrived late, just glanced at the rooms and i didn't get a good feeling about him.

Have another booked this Saturday!

OP posts:

lalalonglegs · 15/02/2017 13:43

A BTL investor is very unlikely to buy a place with a second bedroom that is a single in London. Sorry, you need to be in a price bracket that someone/a couple wanting a one-bed could stretch to your property and use the single room as a study/for very occasional guests/the first few months of having a baby. Essentially, the single room has to be a bonus rather than something they are paying significantly extra for.

However, I do agree with others that the market is very slow at the moment which is largely down to Brexit and also a bit due to stamp duty changes and new rental tax regime.

cestlavielife · 15/02/2017 15:10

a FTB could get 40% loan under help to buy so they would maybe go for the new build... under illusion it's cheaper. which it will be for first five years...

Herschellmum · 15/02/2017 17:48

Online EA, Is it Express! Run now. (I'm supposed to complete my our sale and purchase Friday with express)!

Otherwise, it's about price and pictures I suppose.

Saying that ours took 5.5 months to get an offer! We reduced by 45k in that time, in the last few months proved hadn't changed or anything else but started getting 2-3 viewing a week. So not sure what happened there.

Good luck.

Beijingyouth · 15/02/2017 17:50

the place was lovely but wanted a bigger second bedroom. Don't you think this may be code for: your property is too expensive for the square footage?

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