Why is our flat not getting viewings?

[TulipsinSpring444]

We have a one bed flat in London, it was on at 350K to begin with as advised by agents - I thought this was a bit overpriced, probably 330K was more realistic. We dropped to 325K after two weeks as didn't get one phone call, we then got about five viewings in one weekend but no offers then no interest for a further few weeks, finally after two months we got an offer at 310K and we accepted as we had found a house we liked.

Our buyers (who were investors and cash buyers) pulled out a day before exchange because they found 'something more suited' (complete wankers). Anyway we put it back on and dropped price to 305K OIEO, as we thought we were bound to get immediate attention. That was on Saturday and we haven't had any viewings. WTAF? I don't understand, we are 5K below what we accepted from a cash buyer investor (which was surely a bit low as they do their numbers).

Surely we should have had some interest by now or am I being impatient? We had on it 'REDUCED PRICE FOR A QUICK SALE' and 'VIEWINGS ADVISED' but I told them to remove it because it might put people off because it looks desperate?

I'm clutching at straws, I have no idea why people wouldn't want to even see the bloody thing, I feel like auctioning it and just giving it to the first bidder, I'm so fed up.

I called our agent today and said has he called anyone on their database and he said 'I'll be honest, I've been inundated with calls today' (well not for our property!!!!) and 'things have been manic' and I'll have a look at it tomorrow. If we enlist another agent, do we have to pay double commission? I'm not quite sure how it works? Do you think it's the agents being crap that has resulted in no viewings or not enough time?

We are desperate to keep the house we've found, they don't know our sale has fallen through yet, which is why I'm so impatient to find a buyer asap.

We are in a fine mess! Any advice appreciated.

Hedda It is a big leap and we are taking out huge mortgage at a high percentage LTV but interest rates are low and will never be this low again so we thought it was worth the risk, this will also be the forever home, we never ever intend to move again after all this!!

I appreciate all the comments, it has giving me lots of things to think about..

You are young to be saying forever home and you'll never move again. Who knows what the future will bring - job opportunities if you relocate, for example.

And be careful about the interest rates. We took out a mortgage at low interest rates and then couldn't afford the repayments when interest rates went through the roof (late 80's). We had to lengthen the mortgage term to reduce the monthly payments. Other people weren't so fortunate and lost their homes.

It is in part a waiting game. The market has slowed to a crawl.

Ex-local authority puts some people off.

Did your estate agent give you feedback as to why your viewers did not put offers in? We found this helpful.

In the nicest possible way, I think you need to get a grip. You own your own home and are paying off the mortgage every month. I get that it's tricky being in a one bed with a toddler with no outside space. But you are in a fortunate position that many people would envy.

It strikes me that there are two issues. Firstly, you've bought into the myth that house prices always go up. You had offers of £275-280k two years ago and now you want 10% more. Wages and purchasing power haven't increased by 10% in the last two years.

Secondly, a £700k three bed house as your second purchase is quite a leap. Why not a two bed for £450-550k for example? Even if you're planning on another child, they can share for a good few years. Patience grasshopper.

Also taking out a huge mortgage at a high LTV is a risky strategy in a slowing housing market and declining economy.

I'm guessing you're late 20s/early 30s. Being in my late 40s, I've seen the housing and employment markets rise and fall several times. I would be a bit more circumspect. We don't get everything we want straight away.

With the recent noises from the BofE I'd be wary of stretching myself on a big mortgage right now - interest rates will go up, you should factor that in. I bought my first house in the early 1990s when interest rates were at around 5% but I allowed for affording the mortgage if it increased to 10% or even back up to 15%. Anyone that bought s property from 2009 onwards will only have known very low interest rates.

Just about the estate agent. I don't know if you think there's a better alternative but we were in a similar position and were struggling to get them to actually do anything. So we gave them the 28 days notice in a hope that this would give them a kick to actually DO something.

(Figured if we got to the end of the 28 days and wanted to stick with them, they wouldn't object, but if we didn't we had a way out.)

They did actually then manage to find a buyer...

Sorry you are probably caught in the Brexit stuff. It was predicted London first then the rest of the country rippling out from London. My friend is selling hers now in Lincolnshire before the ripple catches up with them.

I'd also be conscious of your price and how Rightmove works. At £305k you obviously miss anyone who is looking up to £300 (RM working in round numbers). So even if you would accept £300k they aren't going to be seeing your flat at that pricing.

The other thing- if you'd take an offer - is ask the agent to ring round everyone they've on their database at up to £280/£300k or whatever you would accept. People like to think they're getting a bargain plus it gives you a little idea about how changing the price would get you any viewings. Obviously that only works if they've got a decent number of viewers registered and it won't pick up those who aren't. But we've sold a house that way...

OP don't panic about the works costs. I sold my flat last year (zone 5) for a little under what you're asking (though it was a 2 bed) and that also came with a forecast for several thousand needing to be spent on maintenance works / roof replacement over the next few years. That too was in an ex council block.

I had about £2.5k in the sinking fund and left that to be transferred to the new owners. The planned works didn't put anyone off because they weren't all in one go and The first £2.5k was already effectively paid - I still had three offers at asking price.

We jumped from a £285k flat to a £750k house - a midway jump which we'd outgrow within a few years didn't make sense with the associated stamp duty costs etc so we decided to stretch ourselves (comfortably, not crazily) on the basis we can stay in this house forever if we want to. I love it and I'm so glad we did. Fingers crossed for you.

My 2 bed flat in South London went on the market in Feb and I'm on my third buyer as the first two pulled out! However, all 3 sales have occurred in the first 24 hours of it being marketed, all significantly over asking price.

The key is, my agent is brilliant. Absolutely brilliant. I'd strongly recommend that you give notice and get another one in. The quality of who you choose to sell your home really makes a difference.

I would change the wording to get rid of OIEO - as a seller it put viewers off from offering, and as a buyer I felt unsure as to what seller would actually accept. And yes, over last couple of months market has slowed right down.

We both work in London but live in South Beds. 30 mins on train to Euston. £750k would get you a really decent house round these parts. Good schools etc. You could definitely revise down the amount you need to move if you considered moving further out, even factoring in season tickets.

Yes, offers in excess of is a turn-off for most buyers - especially in a falling market. People like to feel they've offered less than offer price and got a bargain.

I've just read this thread and in all honesty it's priced too high. It's clearly worth around the £280,000 Mark. Take it off the market stop all this price reduction nonsense remarket it in a a couple of weeks at £290,000 be upfront about the work needed and say it's included in the price already and set a realistic budget for your next move based on the equity you have from £280,000. Your property has not gone up £70,000 (20%!) In a stagnant market personally I'd sack the agents they have failed to do their job and given you very bad advice. I'd put that in writing and use a different agent if you don't want to do that be very clear with the existing agents about the marketing strategy.

I live in a fairly affluent area of the West Midlands, popular with families due to great schools and facilities. I put my house up for sale in January. I had to cancel viewings as there was so many people trying to view. I had 12 offers in the end and went to best and final offers and went 20k over asking. The house I am buying was inundated with viewings too and also went to best and final.

My buyer pulled out last week and so I put my house back on the market on Friday. I have had 3 viewings over the weekend compared to around 26 in Jan. It is a COMPLETELY different market to January. I have been very fortunate though that one couple have offered on it, 10k less than i accepted previously. I am really shocked at just how much the market has changed in just a short time even my estate agent said it is much much quieter.

Thanks everyone for the replies. I think we will give our agent 28 days notice.

teaping your situation sounds very similar to ours - was 2.5K for all the works? Did it cover the roof? I'm not sure if we were to get 300K as an offer, we would then have to go down to 290K or say that 300K took into account the works, I like the idea of a retention fund but that would bring us all the way down to 290K....

bored so glad you found a buyer, we have one viewing scheduled for Saturday! Very conveniently happened on the phone whilst I was giving our 28 day notice!!!

Just an update - we've got another agent coming tomorrow, we are going to ask their honest opinion as to what the flat is worth, I now get the feeling our original agent put it on high just to enlist us and always planned on dropping it! It was a lower valuation than a few others but still higher than most, so we want to get it priced to sell. I think after reading all the comments here £299500 with no OIEO might work, but we will see what the agent says tomorrow - this one always prices to sell...we aren't changing it till the viewing on Saturday takes place at least as we don't want them to see the price drop and think we are all over the place! Fingers crossed, touch wood.

Thanks for everyone's help and advice, it's good to get perspective on all this

I think that is a good move OP

Tulip £2.5k wasn't enough to cover all the works but it did cover most of it, and particularly the roof work which was expected to be done within the next year or so post sale.

I was desperately worried that I'd be unable to sell because of the planned works, and the buyer did try to negotiate the price on the basis of the planned roof replacement, but I pointed out the sinking fund and they were happy with that. Bottom line is that any communal building that is well maintained will need works every now and then, be it major stuff like roof works, or more regular such as gardening, decorating communal areas etc so a buyer should expect a level of investment in that type of work. Your lower asking price will help in sure.

Thanks teaping, your experience helps my nerves, this is why they say buying/selling is tough! I'm starting to learn to expect the unexpected! :)

Sorry to hear, OP, but I do kind of feel better reading it isn't just us. We're Herts/Beds border and the market is dead. Apart from all the incentivised new builds, that is. Help to buy is unfortunately impacting the secondhand housing market, ditto all the offers the big builders can offer. We're worn down with it. Barely getting any viewings now, and those we do haven't sold their own so we're all going in circles! I don't even get hopeful at viewings now, it all feels bloody pointless at the moment! We've found a house we love but not a sniff on the horizon.

why don't you drop it to £299k then if people are looking up to £300k, your flat will show up?

Ours is £399950, 4 double bedrooms and a 5th single/study with views of fields. 30 mins from central London on the train.

You could get a lot for your money moving out a bit (and it's bloody lovely for kids around here!)

What did the 2nd agent say today?