Anyone else struggling to sell in London?

[alixpb]

I have a 2 bed flat in a good area of North London, admittedly it is expensive at £850 but I've been on since last September and it hasn't sold. I have had two offers in that time, one for more than it is on for now (I ended up lowering the price in the end) and the other for the asking price but both fell through due to their sales falling through. I've also had another person interested but again have to wait for them to sell so nothing will probably happen.

I'm wondering though how people are finding the market as I am literally getting few to no viewings and I've only recently changed agent. A couple of my friends who are selling admittedly cheaper properties in other areas have had their property sold within weeks but I'm still sitting here.

I know it's not price as I have actually had the most interest when it was on at it's highest price (£60,000 more than it's on at now) and since dropping the price twice I've had little to no interest.

I'm just interested to know whether this market is really slow and whether other people are also struggling. I'm wondering whether I'm actually going to ever get to move. A similar flat has also come on recently at £200,000 more than mine so I know my pricing is OK but there just doesnt' seem to be many people looking.

I'd be interested to hear other people's experiences.

baching I suppose it makes it less likely that they need every bit of equity to move on themselves if accepting the lower offer sees them still gaining 200 or whatever % of what they paid themselves in a market where what they are buying themselves will have suffered from a slowing market (and less rationally, they come across as greedy, IMO). But it's almost irrelevant - anyone can put their property up for sale for eleventy million pounds, and it's then up to buyers to accept that or not.

CURRENT market value is whatever CURRENT buyers are willing to pay for it. An elastic term.

I get the impression that the market for family homes is still very strong but that apartments are crashing [in London]. UK families are conditioned to want their own house as soon as kids are part of the equation and most developments at best pay lip service to a "family lifestyle'
Sold in a week in Zone 2/3 borders. No issues at all achieving our asking price. Surprised to be honest as I think we live in a family friendly area that has had a real burst in value over the past 10 years due to proximity to Financial Services employers. Bit relieved to be cashing in if I am honest. I cannot see that Brexit is not going to cause an economic impact that makes the financial crisis from 2008 look like a walk in the park. Not because of big banks "not being allowed to fail" but by sheer slow down in the UK economy. I'm getting really quite concerned and to the OP, I would shift it now rather than waiting until next summer assuming you have a requirement to to do so.

Estate agents are absolute pain in the arses to buyers. They want to do the least amount of work to get the sale. Ask the agents where they're advertising, are they on zoopla / rightmove, in the papers etc. Also look for reviews of the agents. Good agents really are fundamental to selling, unfortunately they're difficult to find! Good luck!

Flats that were 325k in 2012 zone 2 then rose to 700k in 2016 are now on at 600k .or less depending on the flat Still a massive increase in a few years.

EssentialHummus, your question...I don't know your circumstances but why didn't you take the first offer?? Unless you bought very recently surely there is enough equity in there for you to move on to wherever you want?

You know the EA gave us the wrong impression about pricing. We've dropped further. I'm determined to shift this place. And yes, you're right about the equity.

for OP
any offers after the reduction