London flat not selling. Why? Why? Can you plz help me to understand.

[Mypizzicato]

My 3 bedroom flat is not selling. It has been on the market since a week before the 1st National lockdown in March.
Had a few viewings but not offer. Price was reduced twice since March.

www.rightmove.co.uk/properties/68930043#/

I think it's a nice flat in a great location. We also extended the lease till 2197
I know that London at the moment can be a difficult market but this would be still a nice flat when things would be back to normal.
Thanks for any suggestions

I think it's a stagnant market OP. I have a friend who lives in that area and know what an amazing location it is, and I personally think the price is super reasonable. I ignore all posters on here who say 'In Sheffield that would be 50k!' etc. because this is not Sheffield lmao.

Buying is a variables game, and the key variable of yours - location - currently doesn't matter. People have short memories. Once London is back to buzzing again suddenly that variable is extremely desirable again and is why London is so expensive. I think you'll sell then. People forget quickly - e.g. prices didn't stay low in London after the wars despite the fact if we were ever to enter a war similar to ww1 & 2 again London would be the target for bombing, just like it was then. People forget and this will also be a blip in history. Those pushing prices up in the suburbs now will find their own bubbles popping later in the future, when London becomes what it was again and suddenly the drive to live further out is less.

I know that building!
That is a TRULY DREADFUL photo of the exterior - it needs to be reshot (preferably without such a wide angle making it look eastern bloc). It is ex-council but it's on the outside edge of a small, well-regarded estate in a very nice area.
But I agree that people have the jitters about buying central London flats atm and you should consider renting it out in the short term.

Great location but ugly building. That will put some people off immediately.

3 bedrooms and 1 shower room (no bath). That would put me off (sorry). If I viewed it, I would be mentally calculating the space for a bathtub, and the cost of a new bathroom and a new kitchen.

With 3 bedrooms, your market will be families rather than singles. But families who can afford 550k will probably be looking further afield for a garden or at least more outdoor space.

The 3 bedrooms/1 shower combo is also not very appealing to investors as it doesn’t appeal to sharers.

Not ideal and not much you can do about it, but I think your flat has limited appeal and therefore a limited market.

The photo of the front with the leafless trees is dire.
Can you find one with leaves and sunshine?
The kitchen looks pretty dated, in fact very dated.