London flat not selling

[DespairingHomeowner]

Just wondering what people’s experiences are with flats in London at the moment? I have a 2 bed upstairs flat which I put on the market mid July 5/6 viewings, no offers. Dropped price 25k which generated 2 viewings and now interest has dried up entirely

My options now seem to be to undercut the market (it’s on at 425 so down to eg 410 for 400) or wait til next year perhaps

Pictures are good but agent doesn’t seem to make much effort... how can I encourage them, how much time should I give them, and if I go to an other agent should I just take it off now & remarket in Spring?

No garden of my own and downstairs neighbours garden is scruffy and overgrown which is part of my problem... it’s a nice flat and spacious though. I bought for about 5% under average value for area as flat was scruffy (needed full replaster etc) .. I can afford to drop by same if needs be (but want to make sure I’m doing the right thing. If it’s not the price but no interest in flats then not worth doing).

Other negatives:. Flat has a dated/worn kitchen (fine but cheap laminate put in to sell around 10 years ago, it’s a ‘I can live with it for a year or 2 kitchen’). No other major negatives, and don’t want to change kitchen as won’t get money back but know this is holding it back.

My motivation for moving is to go to a house - wondering whether I’d be better off waiting til Spring, or trying to get someone interested for a BTL now ... I’d never have believed before Covid that a zone 2 Victorian conversion, 20 min to C London would be hard to sell but this market seems to be very tough

My daughter put her flat on the market in July. Offers around £550k (which I thought was probably £50k too high but what do I know?😂)
Quickly brought down to £499k then £460 then changed agents and it sold for £425...well offer accepted 3 weeks ago. Moving up to Edinburgh so prices aren't that much lower. We paid £390 in 2013 and it's 10 min walk from a crossrail so we thought it would easily sell and for a higher price. I'm just glad we didn't pay rent for 7 years and look at the value of that saving rather than the gain in value.

@Musicaltheatremum

My daughter put her flat on the market in July. Offers around £550k (which I thought was probably £50k too high but what do I know?😂) Quickly brought down to £499k then £460 then changed agents and it sold for £425...well offer accepted 3 weeks ago. Moving up to Edinburgh so prices aren't that much lower. We paid £390 in 2013 and it's 10 min walk from a crossrail so we thought it would easily sell and for a higher price. I'm just glad we didn't pay rent for 7 years and look at the value of that saving rather than the gain in value.

A flat listed at £550k but selling for £425k highlights one of the biggest issues with the London market, and that's the unrealistically inflated prices. A home is only worth what somebody is willing to pay for it, not the price that the seller believes it's worth.

Dare I say that the £390k paid in 2013 was clearly inflated too. Be keen to know what part of London this flat was in - was it a 2/3 bed?

Other friends of mine finding it difficult to sell in London atm. Think we will let our flat out and see what happens. Depends on what happens next year, prices lower again and we could just about afford to hold onto this and buy a house - so stressful.
Actually looking to rent a house atm bit very little coming o the market!

But my flat is cheaper. Probably only worth 450 tops

@Smallgoon you're right I think we paid too much in 2013...the first estate agent's valuation was ridiculous but said if we put it on at £550k then it may get £500k..next estate agent said they would put have put it on at £499k in the summer but in the end we got it sold and you're right in a buyer's market it's only worth what someone is prepared to pay. In Scotland we are so different as it's "offers over" so it's all new to us.
The flat was in Acton 10 minutes from Acton Central it was a 3 bed...well we made it a 3 bed with a kitchen/ living room the third bedroom fitted a double bed and is now used as an office which people liked. I'm just glad we are out of the London market.
I keep reminding my daughter of how much rent we would have paid over 7 years so we have gained a lot.