Timings of market

[Grace212]

Hi all
I’m looking to sell my one bed flat in outer London but concerned re timings. I bought it years ago....is it still the case that no one puts stuff on in either August or January?

Reason for possible big gap, I’m moving to be closer to my mother. Nothing is doing well in my area at the moment and we thought if everyone was flapping about Brexit, it will take a while to see results.

When I bought, years ago, there were very distinct times and I think back then everyone would have said to wait till March before putting property on. I am prepared to go into a rental if I can’t find anything.

What do wise MNers think? Thanks.

Tbh, I’d just put it on the market.

We’re trying to house hunt at the moment. Admittedly, not much is coming up but houses that do sell quickly. It depends on your local market, though.

Thanks

I live in a big building and there’s very little interest in identical flats people tried to sell this summer. Even with big price drops.

Also, I have to sort some employment related stuff so thought delaying till January might be better, but had heard that jan and feb are usually quiet months.

I don’t really want to stretch into March so am dithering.

Tbh, if there are identical flats available and have been for a while with little interest, then it does sound like not a good time that put yours up for sale.

Agree

So is there any truth in the idea that nothing happens in January or is that just outdated now?

Those timings are more for family houses. People buy 1 bed flats all year round. Problem you and the others in your block are having is that your target market was probably btl investors and they arent buying in london anymore. First time buyers buy new builds with help to buy these days. The 2nd hand flat market is dead inside the m25

Thanks Alex
We used to be more owner occupiers, I think the area going downhill has a lot to do with it. I could do a bigger price cut than others have tried, but interestingly, the identical flats sold well in 2017.

The council are doing a regeneration thing but in the meantime the high road is all betting shops and charity shops.

It’s good to know the January thing is less relevant, I wondered why I had it in my head anyway.

It's not going to sell unless it's on the market, put it up and see what happens.

If you need to sell or want to sell it just price it slightly below the other identical flats. Dont know what price you are around but if the other flats are on at 300k just 5 or 10k lower will probably get you the viewings.
Good luck

If all the other overpriced flats with deluded vendors are failing to sell then now would be as good a time as any for you to put yours on at a sensible, realistic, non-deluded price.

jemi clearly you feel strongly about the delusions

do you have any strong views on why things might have changed so much since the last sale in November 2017?

people have dropped 50k since that sale and still no interest. The 1 beds are basically identical, with some preference for which direction you face and what floor you are on.

JoJo I think I'm with you.

I really hate the journey to mum's - 1hr 45 mins each way or stay over there, long story, hate that too - but as long as she actually doesn't need a carer, the sensible financial thing is probably to stay here and see what happens.

There were a lot of tax changes for landlords starting april 2016 so might have took a while to filter out. Also I think people are at max affordability. And as I said before ftbs dont buy 2nd hand flats anymore... so really there is no one to buy them. Work out what it would rent for per month and multiply it by 240 and that is the most it's probably worth to a landlord

What area of london are you in? Also regarding the november sale, someone is always the person who pays the highest price, maybe that was the person

I thought the landlords lost interest in this type of flat ages ago.

the new builds round here, even with help to buy, are extortionate! I realise they look all shiny and new but the prices make my eyes bleed.

the maths on that works out how I'd price it, yes.

I'm outer North London, zone 5.

The November sale is the last example of these 1 beds going pretty well, it wasn't an isolated one. It's just really noticeable that after that, no one's been able to sell even with massive price drops.

I do still wonder if the state of the area - and problems with gangs etc - have devalued it.

Was the November sale way above other previous sales... they may simply have massively overpaid, sometimes people get carried away. Are similar flats in other blocks selling?

What is the price point?