First time buyers market - confused

[HDDD]

I am confused, very confused. I know all landlords are evil (according to MN and others) and renting is dead money and younger people looking to get on the property ladder are desperate for affordable flats, and not in high rises with as yet unresolved cladding issues. They are excluded from some new builds high rises that are offered only to cash BTL landlords. Others as they are offered to cash buyers only due to aforementioned cladding issues. So, when a lovely affordable safe flat in a lovely area comes up why are they not queuing up around the block? Last time I offered my flat for rent (a year ago) I had about 38 enquiries in 48 hours. It's now up for sale and no bites so far. I absolutely acknowledge I am an unrealistic seller and I am not posting here to do 'a here it is tell me what's wrong with it'. I'm questioning the market. Is it getting a mortgage? Something else I am missing?

Has it got a garden or outside space? People are really keen for this after lockdown and being stuck inside.

If you are brave you could post a link to it? You would get honest but blunt reasons why it isn't moving.

Really good communal outside space, stream running through at the edge of the gravelled large communal car park too, sun and shade, squirrels everywhere. I don't want to post a link. I might be being naive but I feel like I'm misunderstanding something in the market rather than it being something up with my place. Location wise it might not be on the radar of those looking for apartment living. But other than that I'm baffled.

It's sounds lovely, buy is it in an area with many flats or houses? I'd always go for a house over a flat. Is the area a place ftb would buy, or older couple with maybe a kid or plans for one?
Other than that, it may be price.

It's set apart from others - gated and not visible from the road. Houses nearby would be another 30 % more at least price wise. It has young and old singles and couples. Not really a place for kids. Definitely suitable for FTB and downsizers wanting peace and quiet and easy travel access. Price wise matches those sold in the building in the last 6 months (all 3 of them).

It sounds lovely.

But the market has been very full of flats as so many people wanted to move into places with more space to WFH / outdoor space. Bigger and family homes have been flying off the shelves, flats which would attract FTBs, perhaps less so.

Good luck, OP.

There's only 3 or 4 flats in a 4 mile radius on the market - one above a shop, others not comparable at all area/location/outside space wise. It's the FTB buyer market thing that's bugging me - this argument I seem to hear constantly about nothing being available for them and yet...OR maybe they have far more of a budget than I anticipated? I am of course going to speak to my agent as well. I just wanted to see if any MNers could add something! All comments are much appreciated.

OP it’s overpriced. It’s always the price. Everything will sell, and quickly, unless it’s overpriced. Doesn’t matter how few other flats near you are on sale. Yours isn’t attracting a buyer because they feel they get something else.
Flats are out of favour right now anyway, but then no enquiries tells you it’s the price.

I suspect the thing you’re missing is what’s meant by a first time buyer. You describe them as younger people. But the average age now to buy first property is 34.
People being increasingly older when they can afford to buy means that they’re more often than not a couple with plans for a baby on their horizon. Yours is apparently Not really a place for kids. and hence you were inundated with renters but not buyers.
A much bigger proportion of FTB used to be 20-something singles/ a few friends or siblings buying together. But prices have outstripped salaries to the extent that this is rare now.
You also describe downsizers being a good market for your flat. But the current squeeze is in large part down to those with larger properties not wanting to downsize, with the fear of more lockdowns on the horizon, and home based entertaining feeling safer than going out to restaurants.
Another consideration is how many more people believe their previous office-based job can now be wholly or solely done from home long term and/or that promontory to airports is now unnecessary as international travel as parts of their jobs will now end. So a proportion of these (older than ever before) FTB are spending what they used to on a flat in SE on a house in cheaper area further away.

I know you mentioned the outdoor space being communal, have you any private outdoor space? I think many will be after that private space.

I agree with @feimineach we are FTB but we are looking for a 3/4 bedroom house with garden. We already have 3 children, and we need office space as it’s been confirmed that hybrid working is the way forward for DH. It’s possible other FTB are in a similar position.

FTBs these days seem to want the world on a plate. They'd rather slum it in rented and save up for a few more years in order to afford a house instead of buying a flat. They're really fucking up the market for everyone else.

It can't be just a problem for FTB - if you're not getting any enquiries, even from landlords. If it was that good, a cash buyer investor would be interested.

It's either something about the flat or the price that's putting people off.

But separately, some FTB are waiting for the stamp duty holiday to end, others are struggling to get a mortgage (the government focuses on deposits when lots of would be buyers have large deposits but low incomes).

Are the service charges high? that's a major factor for FTB's, also the location if far from amenities.

FTBs these days seem to want the world on a plate. They'd rather slum it in rented and save up for a few more years in order to afford a house instead of buying a flat. They're really fucking up the market for everyone else

WTF? First time buyers are fucking the market up fir everyone else?! 😂 are you off your rocker?!

Are you salty you have a 1 bed flat you can’t shift or something?

There is a structural issue with the housing market which discourages people taking ‘steps’ on the ladder. Being older when actually able to buy, needing two incomes, closer to having children, high transaction costs, economic uncertainty > try and go for something more future proofed.

Thanks all. No private outside space no. V close to amenities. I did mean 30s too when I said younger. My 1st property was a 3 bed house, I get that, but the ratio/disparity between salaries and property prices wasn't the same back then. Interesting on the mortgage thing, if lenders aren't lending due to low salaries. Anyway brief chat with agent and there has been interest, a viewing yesterday and one booked in on Friday. This cheers me slightly, though I'm waiting for a call back on the viewing feedback.

Very few 20-30 year olds can afford to be FTB these days, it has to be good for families. Also, the stamp duty holiday is nearly over, so a lot of buyers will have made a move in the last few months, and the ones who couldn’t will be waiting to see if prices go down. We sold our flat and bought another last year, but it was a struggle - mortgages were being pulled at a furious rate, and both we and our buyers (the first of which dropped out due to not being accepted) were struggling.

@YellowFish12

FTBs these days seem to want the world on a plate. They'd rather slum it in rented and save up for a few more years in order to afford a house instead of buying a flat. They're really fucking up the market for everyone else

WTF? First time buyers are fucking the market up fir everyone else?! 😂 are you off your rocker?!

Are you salty you have a 1 bed flat you can’t shift or something?

There is a structural issue with the housing market which discourages people taking ‘steps’ on the ladder. Being older when actually able to buy, needing two incomes, closer to having children, high transaction costs, economic uncertainty > try and go for something more future proofed.

I have a family member with a 3 bed semi on the market atm. Swamped with viewings, the majority of whom are FTBs who either don't put an offer in at all because the house is out of their budget, or put in a complete joke of an offer.

Is there a high service charge or ground rent putting people off? Also if there's hardly any flats in your area maybe the people looking for a flat aren't looking in your neck of the woods?

I love the idea that first time buyers are to blame for... let me get this straight... renting poor-quality accommodation so they can save up and buy a decent properly that suits their needs 😂

OP, the issue might be timing as well as lack of interest in flats due to lockdown. The stamp duty window is about to close so anyone who wanted to move will have just done so, you might have to wait until people start looking again.

You are over complicating this in quite an odd way.

If you have a property on the market and there is little interest, lower the price. It’s all about supply and demand. Basic economics.

It’s not the fault of any segment of the market.

Im currently looking to buy , experience buyer not first timer, it's peculiar in that some properties are snapped up instantly and others are lingering, and selling once everything else available has sold, I'm sure it's mostly price . I know flats are not selling as readily as houses, I think the first time buyers at present can either not afford anything or have saved up and can buy quite a decent house , seems to be all or nothing .
Hang on in there with your property as I'm sure someone will eventually come along and snap it up

OP I know you said you don't want to post a link, but you will get honest and helpful feedback if you do. It could be down to the photos, furniture arrangement not showing the rooms off to their best etc. Let MN help!

We’ve got the same problem. One bed flat, great location for town, not a high rise, low service charges and ground rent, quiet neighbours, some communal outdoor space and off road parking... no interest.

Flats here just aren’t selling though. FTBs seem to be going for the shared ownership two bed houses, not flats, and everyone wants private outside space.

We’ve loved living here; but we feel very trapped now, it’s come to a really sad end. We’re only moving due to having a baby, and needing to be closer to a different town.

We keep being told to keep it and let it out but that is a lot more stress than I’d ideally want to take on; to be honest.

Stamp duty is not an issue on this one. More reassured having spoken to the agent now. There is interest. There are viewings. My questions were about the market and me being confused about it, rather than 'why won't it sell'. Hence not linking to it. I'm befuddled by the one snark on here but cba responding to it.