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

On the floor plan there are two doors leading from bedrooms 1 and 3 - it’s not clear where they go to. Is there a second balcony? Are they additional front doors? I wouldn’t want to have exits in two of my bedrooms. Or is the floor plan wrong?

Given current interest rates, 3% yield isn’t bad!

Hello OP: pls ignore previous poster, your road is very desirable! I would have LOVED to move to Maida vale 10 years ago

I also have just sold my flat which wasn't easy, the 'tired' decor was the issue: I had decorated when I moved in, but then been living with it for 10 years and wear & tear I don't notice looks old & scruffy to people used to seeing 'ideal homes' style pics of houses done up to seell

I think the issue is the location appeals to a young person (who can't afford more), but your decor is not appealling to this age group . You have a balcony which is as much as one would expect/frankly a huge bonus for this location..

Your buyers are likely to be:

• early 30s couples OR
• late 30s singles

So make it appealling to them! Fresh, not dated, show loads of storage & make it look inviting

The flat is fine, but it is just a bit dated

I think you could do a v cheap renovation (2-3K) to increase appeal:

• fresh coat of paint everywhere: chose a lighter shade of existing colour & 1-2 coats will do it
• kitchen: get units sprayed white OR replace the doors, paint walls eg off white (I like dulux jasmin white). The kitchen is the main issue with your flat, & this will always be a real sticking point with FTB.

You have a decent (good size) but dated kitchen: buyers will discount your place for this : I believe you would recoup your investment

• lose the kitchen curtains

LR - nice, spacious, nothing to do (I think your light fitting is a bit dated but may not be worth changing UNLESS you want to take it with you in which case change it now for a pendant & neutrel shade Balcony - looks good, lose the table cloth (& maybe the table)

• Master bedroom: again the wallpaper/decor is a bit dated. Could you turn the chest of drawers round so the pic looks more spacious, & get a pale blue/grey throw for end of bed. Replace pic above bed with something more contemporary (it must be light though to avoid making room look dark)
• spare room: its quite small tbh: get new nice bedlinen (for your new home ) , some pillows & and some artwork and make it look lovely. Get rid of the slippers. Replace the bedside table with the ikea Gladom which costs £19 www.ikea.com/gb/en/p/gladom-tray-table-white-70337819/

You don't have loads of clutter which is good. A few potted plants/flowers (eg 1 per room), fruit bowl for your kitchen table, a mirrror/painting in each room would go a long way

I hope that helps. I'd suggest you take your place off market, spend 2-3 weeks doing above, then put on with a new agent: to appeal to a new wave of buyers

oh, & consider staging bedroom 3 as an office/baby room

And to the earlier poster having a pop about tenants, my niece is living in my flat - and loving it! - but absolutely understands that she’ll have to leave when it sells. Don’t be so judgmental.

You are just down the road from me OP!

It’s a nice flat in a great area (if I say so myself 😉). I think the main issues are no outside space and dated decor. You can do something about the latter, but people just don’t want to buy flats with no gardens at the moment, sadly.

Also, if it’s where I think it is you are very close to the most sought-after and oversubscribed primary school in the area, so that might be worth mentioning.

No one wants to pay a premium for space in the capital at the moment as the main draw of business and social life are no longer there.

I agree with this. Also, perhaps people don't need to be in London for work if they can WFH.

@Bouncycastle12

And to the earlier poster having a pop about tenants, my niece is living in my flat - and loving it! - but absolutely understands that she’ll have to leave when it sells. Don’t be so judgmental.

Didn't mean to sound judgmental, just seemed a bit unusual to see the same property on Rightmove both For Sale and For Rent.

Obviously it's fine if the tenant knows that's the case like with the example of your niece!

There’s no way I’d pay £550k for this. 3 bed at 800 odd square foot is compact and there’s a lack of curb appeal. The lack of bath would put me off, especially with kids. Plus it needs a new kitchen. I think closer to £400k is reasonable.

Did you buy it from the council?

It’s very dated. Buyers are going to be thinking new kitchen, bathroom, redecorating and given the age of the flat (and because it looks ex council) possibly re wiring, boiler etc.

On the point of it looking ex council, this will put a lot of buyers off as they are known for being inefficient and therefore expensive freeholders.

As someone mentioned above, do you have an EWS1 certificate? If not then you are looking at cash buyers only for the next year or two.

I think the price is fine. A Victorian 3 bed flat in the area would be priced around £1000-1200 psf in similar condition.

The problem is that first home buyers are having to stump up higher deposits and there’s generally a bit of wariness about ex council flats - a surprise £20k common works bill is unfortunately common. If there are tenants in, that will also be putting buyers off as you need to offer vacant possession well before the March deadline.

Does the double bed in the second bedroom fit the other way round so you can access it from both sides? If so, I would turn it round with a bedside table on each side to show it off as a "proper" double room.
I think the kitchen is a real weak point and the decor could do with modernising if you want it to appeal to a wider audience.
Flats in my city aren't shifting at all compared to the rate that houses are flying off the shelves.

It seems OK to me - but let's be honest - when a ex-council flat is up for over half a million pounds the world has officially gone mad.

I was recently looking to buy a 3 bedroom flat in London.

What puts me off is that there is no picture of the 3rd bedroom, which makes me think it is too tiny to function even as a nursery, or that you've got something else to hide. Furthermore, the floor plan doesn't come up properly on my phone so I can't get a sense of the size of the bedroom.

Decor is a bit dated, but I would expect that for a 3-bed flat in Maida Vale at that price.

Lack of garden might be an issue, but you seem to have a fairly big balcony which helps.

I suspect it is the 3rd bedroom.

As someone else has mentioned, on the floor plan it looks like two of the bedrooms have exterior doors leading on to a communal corridor?

This is off putting. If it’s wrong, get your agent to fix it. Gone are the days when buyers would overlook these things. London flats aren’t selling, unless they are really special, so I think you’ll have lots of competition for whatever cash buyers there are.

It seems OK to me - but let's be honest - when a ex-council flat is up for over half a million pounds the world has officially gone mad.

EXTREMELY common, in less nice and less central areas than this... present circumstances excluded.

It’s slightly overpriced for the style of building, even if it’s in Maida Vale.
I would expect it to be on for approx £490k?

I know the area very well, lived very close!!
Amazing location
Very good price I think

There should be a separate property section for London because those with experience of London know about the areas etc and price

I would say bedroom three has a lot of problems and shouldn't be called a bedroom. It has 4 doors opening in to it and one leading out, to what? It is already a very small room and with all those doors you have basically no wall space left.

The first pic needs to be placed last as it's the weakest link. Get rid of photo 6 as it's not showing either the full view from the balcony or the full balcony. The bedroom is a bit soulless, borrow some accessories, a bit of colour to make it look cosy.

Actually both bedroom 3 is to small to be called a bedroom. A bedroom needs to be a minimum of 75.35 square feet, that room is only 71.37. Bedroom 2 is only very slightly over the limit.

For me it is because the very first photo is of the building which makes it look like a very rough area as the very first impression.

The next two photos look lovely but the bedroom with the white bed looks like a cheap air bnb- you haven't even ironed the bed sheets.

Also it looks a bit damp and hard to keep warm from the bathroom and kitchen photos. The rooms need consistency and a running decor theme throughout.

Looks like it would need a lot of work to feel nice and cosy.

Born and raised in London.