1 Bed Flat which just wont sell!!

[danielleir]

Hi everyone.

Me and my boyfriend put our 1 bed flat on the market in September of last year to try and sell with the view of up grading to a 2/3 Bed house in the same area. By December it had lots of viewings but no offers so we took it off the market as we didn't think we'd be able to buy anywhere before the end of the stamp duty holiday and would need a few extra months to save the difference.

Then the stamp duty holiday was extended so we went back on the market in March with a different agent (still not expecting to complete before the end of the holiday but we have more saved now).

Its been over a month and we've only had one viewing this time round!! We've since reduced the asking price, took all new pictures to jazz up the listing. and nothing!

We don't have the option to go any lower on our asking price and don't have the option of letting the flat out instead of selling.

This is our first flat (we're 25) and have no idea what more we can do to get it moving as know the longer its on now the 'staler' it looks...

Is it just the market at the moment?
Any top tips for property newbys?
Or even just advice to not loose faith?

For context, we're in a village in St Albans and have lived here 2.5 yrs. Its a first floor flat with large private garden

A lot comes down to price - how does it compare to other properties on the market at the moment?

Does the Rightmove advert strongly highlight the private garden?

@mobear

So at the moment there are 4 other one bed flats in the area all 215k with no gardens, there is only one other flat with a garden which is 210k but the garden is less than a third the size of ours and backs onto the motorway, ours is on for just under 220k. Theres then a very renovated 1 bed for £225 and a slightly run down 2 bed flat for 235k so we sit pretty much in the middle. Annoyingly all the 'competition' at the moment have also been on the market for over two months.

@Didicat

The garden is highlighted in the description, there's also photos of the garden and a drone photo to show the length as it is a very generous size.

I'm just at my wits end now! Desperate for a bit more space, we're hoping to get a puppy later this year and it'd be ideal to be in a house first. Give us a chance to get settled and make it a home before we start talking about starting a family.

@danielleir That is annoying. I think sometimes people prefer to pay that little bit more and get a 2-bed. I also have a 1-bed garden flat I am looking to sell in the next few years, I currently have it rented, and I've always assumed my best bet was a retiree! It might help to look at actual sale prices as well. Even though your flat seems reasonably priced when compared to other sit may be that no one is actually achieving those kinds of prices at the moment.

*others it may

If you post a link we might be able to given you more advice

Everything comes down to price with houses always. You either drop the price to move quicker (sounds like that might not be possible ) or you stick it out. Wait for the wobbly market to settle or someone who loves it comes along. I have lots of friends trying to leave london and almost every one is struggling to sell their flats. One friend sold for 10K cheaper than they bought 5 years ago. It’s really hard.

If you post a link here you will get honest feedback.

What feedback have the estate agents given?

I’d assume it was people not wanting small flats at the moment because of the last year’s experiences, but you say you had a lot of interest before Christmas?

@mobear Completely agree, when we were looking I was swaying more towards stretching ourselves to get a two bed but the other half wanted to play it safer. And to be honest I do love our flat and its been perfect for us we've just out grown it now.
We assumed downsizers would be our target market as well - fingers crossed its a good fit for someone eventually!
That's a good point I'll check out sale prices. Its annoying how slow purchases seem to be going through as many started in December still don't seem to be complete - madness

Thanks for taking the time to come back to me - really appreciate it x

I think with the stamp duty holiday people are trying to get into properties with 2 bedrooms rather than 1 bedroomed I'm afraid.

The market for flats is pretty chilly at the moment. You say first floor flat with garden, do you mean ground floor? Or the flat is first floor and garden access is elsewhere?

Can we see it in case there's some obvious reason?

There's two 3 bed flats near me that have been on the market for over a year. I was considering buying one to let out, but given the staleness of the market I'm too scared to in case I'm stuck with it forever.

www.rightmove.co.uk/properties/78595164#/
^our listing is here! (Thank you in advance!!) @UrsulaTee @Palavah little to no feedback from the estate agent to be honest!

@Llamasinpajamas Do you think its worth keeping it on the market the whole time or better to take it off and re-list later? Hear so much about 'stale' listing and no idea if thats something that would really put a buyer off, especially as all the flats seem to be in the same boat at the moment!

@HeddaGarbled Lots of viewings before Christmas yes but zilch now... I've been assuming the same as you to be honest. that following lockdown everyone feels the same as us and wants a bit more space.

@SeasonFinale I think you're right :(

@HelpMeh I've just posted a link to the listing any feedback appreciated!! Its on the first floor (maisonette) and the garden is on the ground floor. You go past our front door (which is completely separate from our neighbours) to the garden

You seem to have a giant uterus on your bedroom wall...

Price price price. It's always price.

I’ve found your flat listing based on what you’ve posted. It’s a small flat which may be putting people off, although I appreciate there isn’t much you can do about that. There’s no obvious place to work, which would worry me at the moment. regardless of the garden. Some of your competitors look from the photos to have more internal space.

Looking across the market it doesn’t look like much is moving.

You think the garden is the main selling feature of the flat but the photo doesn't sell it. There is nothing lovely about the garden. Spend a bit of time and money tidying it up and plant a few pots.

Sorry, you added the listing as I posted!

Same with some of my friends OP- sadly the same reason you fprobably want to sell is why people don’t want to buy: people want two Beds, room to work from home etc-
Also remember even with the 5% deposits coming most banks want more security + rental properties aren’t as profitable as they used to be.
It will sell at a price, a lower price certainly

Your garden doesn’t have direct access from the flat which will turn some buyers off. Is it a private garden, not communal? You should make that clear in the listing.

Otherwise I think it presents fairly well, so it’s possibly just the market.

I think the garden is great! The flat is nicely presented and a year ago I think would have been fine to sell. I’d take it off, have a break (you won’t make the stamp duty now so will end up paying an inflated price for the house you buy). Give it 6 months the get a different agent, better pics (they aren’t great) and try again. It’s frustrating when you’re so ready for the next stage.

The picture of front of the house and path is unappealing. Is the front garden a shared area? It looks uncared for.

The back garden looks neglected. Could you take new photos and put out some plants in pots and some garden furniture?

@idontlikealdi OHMYGOD I'm never going to be able to look at it again !!! :')

@Constantcrayfish I see what you're saying. We are currently both working from the living room and have a desk set up which attaches to our bookshelves (the PC's etc are all hidden away behind the bottom cupboards at the mo) but the estate agent advised we put it all alway for the photos

@Frenchfancy I completely agree with you. Neither of us are super green fingered to be honest - is there anything you could suggest we could do which would make it more attractive?

The garden is a huge plus, but it’s uninspiring. Also, 95 year lease would put me off.

On the drone photo you need to add a perimeter line for your garden otherwise that photo means nothing.