Need help selling an apartment

[Daisypops]

We have a 2 bedroomed apartment for sale (only built 3 years ago), its been on the market for just over a year, reduced 3 times but still hasn't sold. Does anyone know what we can do to get rid of it?

The market is flooded with apartments apparently but we NEED to sell it.

I've tried places like 'homebuyer man' and they offered us £30,000 below the value , we're considering auction and have advertised it for rent with no joy yet.

sorry but a year is too long . You may need to reconsider its price, presentation etc as at the right value it should sell or rent, flooded market or not. Are there newer phases still unsold ? Do you need to undercut those in some way.

But the "value" is meaningless if it's not selling surely?

We have reduced it to as low as we can go, we will only just cover the mortgage. The presentation is fine,its like new. There are about 6 others in the block for sale, ours is the cheapest along with another.

Thing is there are apartments getting built in out town all over, you can but them off plan for £120,000.

Have the estate agents been giving you any feedback on why potential buyers didn't put in an offer, or suggested things you could do to it to make it stand out from the competition?

Then your best bet is to sit tight, get a tenant and hope teh market self limits over the enext year or so. Just because you paid what now seems to be over the odds (brand new has a premium which it loses like a new car) doesn't mean anyone else will, especially since they have a such choice.