Anyone else struggling to sell?

[jeremypaxo]

We've had our 2-bed terraced house in London on the market for 8 weeks now. We're nearly 20 viewings down and still haven't sold. We had one early offer but the buyer dropped out.

Starting to wonder if we'll manage to sell at all before 31 March next year when the stamp duty holiday ends.

Presumably it's just a combination of too much supply (people like us trying to move out of london) and not enough demand (our house would only really appeal to FTBers and I guess people's financial situations may be precarious..?)

It's getting me down a bit, especially when I read so much press coverage of house sales being at an all-time high!

We were hoping to start trying for another baby at Christmas but I'm beginning to wonder if that's practical

Anyone else in the same boat?

The houses round me, Manchester, are selling very quickly, next road to me in 4 weeks, full asking price, mine went in 2 weeks for over the asking price.

I completely de-cluttered, painted any colour out and made it look a lot more spacious. It might be worth putting some pictures on here for us to have a look at to see if we can give you some feedback as to why you're struggling to sell.

@jeremypaxo: the feedback on mine (FTB 2 bed flat) from nearly everyone was it needed updating (ie new kitchen and flooring) and buyers did not have funds so passed on it

I think FTB over estimate cost of work, plus many don’t have cash for renovations as deposit amount gone up

I was so annoyed as agents should have advised better (looking back I should have put in new flooring and a v cheap but new kitchen) which would have got it moving I think

Agents just told me to drop price: that’s to their advantage as quick sale vs getting best return for me. I’d be asking for v detailed feedback from viewers

Same position Op
We have our 3 bedroom maisonette flat in London W9 since June with 2 EA
Had a few viewings but no offers.
We moved outside London a year ago, we are now renting but decided to sell the London flat to buy a property where we live now. The flat in London is not selling and I cannot stand on being on a rented property anymore. Our neighbours are also our landlords (which we didn't know at the beginning). They are getting on my nerves now as the check on us all the time.
I so want to sell and buy my own property here!!!!
Good luck!!!

I heard that 1% deposit is imposed for making offer. Is it true?

Funnily enough I've been talking about this with some friends today - two have flats on the market (with small gardens) but few viewings and no-one who looks even vaguely serious - one's going to stay put , and one's looking into renting hers out (she doesn't live there any more). They're in SW London.

On the other hand, a family member who's selling a (much cheaper) house on the coast has had several viewings and an offer in the last two weeks, and is holding out for the asking price because there's so much interest.

Just from what I've heard, there seems to be a general drift of people out of the big cities to places where they can wfh and have a good quality of life in lockdown. I'm guessing it's temporary, but I may be wrong.

Our 2 bed in SW London went very quickly just after the last lockdown, and we'll be completing soon, but I think that's mostly due to having a relatively big garden and being near lots of parks.

Yes, banks are looking for more skin in the game from buyers now, that is sensible and should have happened long ago IMO.

We've sold now. Phew!!

Just have to find somewhere to buy now ...

We have been on the market for months, hampered by Brexit, election and of course, COVID. We had dropped the price once. Had a quite a few viewing since July but no offers. General feedback is people like the house and the location. Some wanted more garden. Some wanted a flatter location (our town is hilly). Quite a few never fed back any formal feedback to the estate agent, even though they made positive noises during the viewing. It’s soul destroying as we are splitting up but are stuck under the same roof.
Sending sell quick vibes to all my fellow would- be movers!

We are ftb with quite reasonable deposit of 100k and mortgage is not a problem. I think we are simply waking up to the fact that it is crazy to put that type of money into 2 bed flat. Yet 3 bed houses in price rage of 600-700k needs another 50-100k of investment to have a really nice interior and living standard. Because whatever someone is considering a good decorating standard in many cases is a cheap ikea/b&q standard. We are looking in south east London which really has a lot of old houses that people trying to sell up for quite more than they are worth and that’s why that market you are talking about isn’t moving. We’d rather rent something brand new and at really nice standard and keep leftover to ourselves rather than buy a overpriced rotten house. You may argue we will miss out on equity, yet we will have so much more liquid cash and freedom to work from the beach for 3 months if we wish, compared with home owners. Hopefully whatever people didn’t learn after a bank crash, they will in this recession.