How do people manage to sell (SW London, zone 4) 2 bed flats these days?

[FlatSeller]

We've put our 2 bed flat on the market in early March 2020, fast forward, May 2022 and we are still trying to sell. Dropped the price by over 10% from what we bought it for in 2017. Back in 2017, just after Brexit, we thought we would go for a small flat in a good location, keep it for 3-4 years as a stepping stone, then move up the ladder somewhere local.
Fast forward we are still stuck in it, no buyers, 1-2 viewings a month. It's in a great condition, has almost 100 years on lease, great location for commute to central London, good schools around, lots of parks, green space in walking distance, well kept purpose built block, lowish service charge, tiny ground rent. Changed agent 4 times in these years. Feedback we are getting is that the flat is smallish, kitchen is tiny, which is true, but not an unusual thing for London and that's not something we can change.
Shall we try an auction?
Hoping for some positive stories / selling strategies.
Thank you!

I got your link. I like it! And great location. Lovely and leafy. I agree the kitchen is almost certainly killing sales. It does look really tiny in the photo. Like there isn't any room to move. Can you take a new photo from a different angle?

If you're willing to spend some money, is it feasible to take down the wall and make the kitchen/living room open plan? Either that or I would remove the kitchen cupboards on the right side of the photo and just have a blank wall. It would at least give the illusion of space.

It can only be price is still too high

Thanks, star!

i'm probably not seeing how many bigger flats there are due to price filter. It is set higher than I can afford but probably not high enough.

Got the link as well. I don’t think it’s too small at 55m - but it’s not accurate to call a 10x7 a double bedroom.

It has an awful lot going for it - solid 1930s construction, quiet leafy road, SW balcony, OS parking, communal gardens, great area, transport links.

99 year lease is likely an key issue.

Kitchen layout and / or photos are poor.

Confusing that master bedroom is used by children / two singles and the double bed in shoehorned into a small room.

It could definitely do with aspirational dressing. Copy some of the ideas from those flats sold or for sale in your competition. This can be done just for the photos - plants, mirrors, throws, colour and then packed away if necessary until viewings as no one lives like this with small children.

Make more of the balcony - show a table and chairs if one fits and some plants - just borrow for the photos.

But check the price against what has sold.

Also see that it has only recently been reduced but is on at “offers in excess of” - I think that is very off putting.

Have you been with this independent agent throughout? What are the T&Cs on your contract? I would invite a few other agents around with fresh eyes to remarket it. I would listen to what they say and ask them for evidence of sold price comparables - don’t fall for them giving you an unrealistic headline price to get your business and then encouraging you to drop it once it’s been on the market (unsuccessfully) for a few weeks.

OP would consider sending me the link please?
just curious as looking to buy.

Is the link on the thread? I can't see it.

Can you send me a link OP? We sold a flat in SW London last year in a similar sounding type of block, maybe I can give you some advice :)

I think 100% you need new photos, it's a nice flat in a great location but the photos make it look quite drab. Can you style the smaller bedroom as a home office as I think that would increase the appeal to a first time buyer couple. And then make the larger room into a more attractive main bedroom. It's small for a two bedroom place, but good for a one bedroom + home office.

Thanks everyone for your advice and suggestions, very helpful to have someone looking at things with a fresh pair of eyes, lots of brilliant ideas!

Has to be the price....here in zone 3/4 leytonstone, purpose built 2 bed flats with tiny gardens are going for over 450k and sell in hours...!!

I have just bought one so can have a look if you send me the link? 🙂

Short lease usually is very off putting. Same situation in SE, overpriced small flats aren’t selling. The ones I see sell, are those that are priced realistically. Since flats are not a desirable type of property at the moment, I would only consider bargain prices. Otherwise, would just buy a house instead.

I agree with OIEO; I find this off putting.

In my not particularly glamorous area of SW London a flat (top floor maisonette with loft extension, small back yard) sold in 1 day.

Sorry but I can’t agree @EmmaH2022
My daughter has just bought a 1 bed in north London and an awful lot of 1 beds are that sort of size and the rooms are small.

OP must be well aware that her 2 bed flat is very tight on space and that most 2 beds are bigger. It is that issue that she needs to be realistic about and price the flat accordingly.