Please tell me why this flat isnt selling?

[curiouscat1987]

Posting this for a family member. Flat has been on the market for months and not only hasnt had any offers but hasnt even had a single viewing! The price was in line with the area, but has been dropped twice and agent changed too with new photos but still no viewings. Its a lovely little place, not the biggest but lovely and bright and quite modern. Im not the best at design etc so would appreciate any thoughts on what they could do to improve the desireability or improve for the photos etc to get some more interest?

Obviously they know they can drop the price, however if they drop it much more they'll be selling for what they bought for 10 years ago!

https://www.rightmove.co.uk/properties/156450941#/?channel=RES_BUY

Thanks everyone ☺️

That's shared ownership. Lovely though!

It's not in a good location for airbnb and also parking is VERY limited in that area.
Also, it usually really upsets other people in the house (understandably) and it often affects the ability to get buildings insurance cover

For heaven’s sake! This flat you mention is absolutely wrong as an example. It,’s shared ownership, has marina views, is bigger and better. Also, the poster’s friend is trying to sell, not buy!

And £4325 service charge 😱

The leasehold? The service charge , The council tax charge ?

The floorspace is tiny even before you consider that the sloping ceilings make it even less usable space. The slope has been taken out to too low a point to try and cram in extra floorspace.

Really you need to compare it against small one bedroomed flats.

The fact that it is freehold only really adds a premium over leasehold if the comparable leasehold properties:

• have less than 90/100 years left on lease

Or

• have high or escalating ground rents/excessive service charges and no RTM company

Towns like brighton are becoming less popular as london based companies are requiring people in the office more days per week- its a long commute.

The flat is way overpriced.

The price? As you say, the flat is small and I don't think it justifies the price even in Brighton.

Because it's £320k for what is essentially a loft conversion. Perhaps that's what people pay in that area of the country, I'm not sure. But it is tiny. A friend of mine is also trying to sell her modern flat. The price is in line with the many similar flats for sale in her area and it just won't shift. Ultimately I just don't think people are willing to pay that much for a flat. If I had £320k to spend, I'd be wanting more for my money than a tiny flat.

Property prices have risen astronomically, but there has to be a ceiling and I think we're pretty much there with this flat (and flats in general). It should never be thought of as guaranteed when buying a property that you will make money from it. It is a risk, like everything else. No one is owed money from their property.

I couldn’t work out the size of the rooms from the photos either. For example, the living room photo makes the sofa and TV look enormous compared with the rug and coffee table. I like the way the photographer included glimpses of blue sky from the skylights, though.

I think the decor is fine and in my opinion, having a share of the freehold is much better than only owning the leasehold.

There are nicer flats for sale for at or about the same price. 2 bed flats less than £325k in BN1

If it’s not purpose built does it have a lift?
The decor is clean, but it doesn’t look very cosy, doesn’t need clutter but no window dressings and I’d say it would make sense to make a feature of the sloping ceilings as character. Some of the photos are from bad angles and don’t make it seem spacious in the kitchen/dining/sitting room.
Emphasize proximity to public transport if parking an issue.

Needs outside photos, parking information is there a lift says top floor us that 3 7 or 37 there is no indication what the property looks like. It's cheaper than a 2 bed new build flat I sold 10 years ago in Queens Road so I would be wondering how or why. How is it band B when mine was band D ? As a local it doesn't add up.

The sloping ceilings are a real compromise and I would expect it to be significantly cheaper than similar sized flats without that issue. The location doesn't seem particularly good either, so another compromise. The price really does need to reflect that - presumably it doesn't/or not enough given the lack of interest.

Pictures aren't great - I would want to see that there was room for a wardrobe in the main bedroom and what the kitchen looks like from the lounge area and vice versa.

Flats in general I would definitely want to know that the service charge was and all the information about that - it is one of the things that really puts me off flats, that this can suddenly hike up. Having to ask/go seeking for this information would really put me off unless it was otherwise lovely.

Looking at similar listings, it's overpriced by about £20K. Its main selling point is that it's very handy for the station if you need to commute, but fewer people are commuting every day now and if you don't need to commute you can buy a bigger flat in a more desirable part of Brighton for the same money.

Photos are terrible.

Write up is terrible. Key information is missing. Information that is there is clearly overselling the place which makes you suspect they are being equally optimistic with the price and it's insufficiently targeted at the appropriate market.

Floorplan is obviously inaccurate.

Energy rating is weirdly low which will put off BTL investors. This is a problem because it feels like the kind of place someone would rent for a few years before moving somewhere with more space.

Your family member could dress the place in a more aspirational way, as it all looks a bit plain and unloved, but ultimately, the issues are with the price and the listing.

Terrible photos. What is number six even meant to show? Need to see what the actual building looks like as well.

The listing says its share of freehold, not leasehold.

This still needs to be checked. There'll still be a lease.

It's third floor. It's a loft conversion in a house. Or 2nd floor actually I guess.

I agree that based on the sold price of the other flat on the same road, the price for your flat is far too high, OP. The other flat is nicer. Sorry. I hope it sells soon.
I do also think the general lack of colour doesn't help though, some smaller/ nicer furniture and a few splashes of colour might make it look a bit more cheerful.

Agree re ceilings. It makes it look pokey.

New photos and a splash of colour, I think.

The house is so white it looks almost clinical and that vinyl looks really unappealing.

Prints, cushions, throws and rugs would make it look more homely.

As everyone else says: awful pictures, no idea what it's the top floor of, or the access, pokey, bland decor, second bedroom not set up as a bedroom, no outside space, too expensive. It needs to be staged to look homely with a bit of colour, a few soft furnishings, plants, pictures, etc and showing ingenious use of available space and storage solutions.

I know the area is expensive but it's a teeny tiny loft conversion. It has 3 rooms- and you can only stand up in one of them!
It's not fit for purpose and they want a kings ransom for it!

not sure marina is 'better' location it's more on the edge of the city.

I suspect it was converted at a boom time for building when people had cheap mortgages and were desperate to get on the property ladder by any means. There was a feeling that property prices could only go up and so attic conversions like this would still sell even with all their drawbacks. Now (I think the OP said 10 years later?) mortgage rates are probably three times the rate they were when this flat was last purchased, the cost of living is sky high and the market is flooded with landlords and individuals offloading flats, so something which hasn't been presented well by the agent and has some obvious drawbacks in terms of floorspace and overall size is going to struggle.

OP, as a matter of interest, how much DID your family member pay when they bought the flat?