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Flat not selling - next steps?

32 replies

Posieralmer1 · 19/02/2025 07:46

Good morning all. Advice please! We left London for our new city a year ago, rented out our flat and rented up here to test it out before making the plunge. We are now trying to sell our flat in london so we can buy in our new city but it's not going well and I don't know what steps to take next. We secured a buyer off the market with our first EA, he then pulled out after 7 months (because he viewed a different one in our development). We've since dropped the price and changed agent but no proceedable offers in the 2 months since it's been on the market, although a couple of offers where the buyer still needs to sell. Meanwhile we are paying our mortgage and bills on our flat plus rent up here. Our tenants left, understandably, when we tried to sell first time. I just don't know how to get it sold. We reduced the price again on Friday and I thought it would be the silver bullet but it's only brought in a 4 more viewings. IMO it's a gorgeous light flat in a good location. I wish we'd started at a lower price rather than reduced twice. We could give up and get tenants in again but that feels to be kicking the can down the road and presents risks. Equally, we can't afford to keep paying for 2 homes. We have done the sums on renting it out and we would make a small profit each month, enough to cover some repairs. Any advice anyone?

Here is the listing. It's a bit niche as it's set in the woods but easy access to stations. That's why we loved it!

[Rightmove link redacted by MNHQ on OP's request]

OP posts:
AlwaysExhausted · 19/02/2025 11:37

The development the flat is on looks great. It's quite close to us in East London. The only thing that puts me off that flat is the fact it has been reduced to a 2 bedroom from a three bedroom. I don't necessarily thing £450,000 is too much for the square foot area of the flat, but possibly anybody wanting to buy there wouldn't want to do too much work and putting a wall back in and reopening the door might seem like hassle. Are those things you would consider doing yourself? I don't think it would cost too much and it might get a buyer at the right price.

MyFlightWasAwfulThanksForAsking · 19/02/2025 11:48

Doris86 · 19/02/2025 10:47

Tell the estate agent to get rid of that dreadful waffly AI generated description, and write a proper description.

Oh wow I didn't read that earlier, just looked at the pictures. Agree it's absolutely dreadful, especially the cringey "A word from the owner" bit (which I am guessing the OP had zero input into!). They need to write a more normal sounding description.

AlwaysExhausted · 19/02/2025 11:52

https://www.rightmove.co.uk/house-prices/details/england-138090884-21114049?s=e4062dff52bdb11c690d76535c848c3a9e2164c52ddae6f9a51391fee9f1d80e Just found this sold one on your development and it seems like you can definitely get that price for a 2 bed. However, it definitely helps that there is furniture in the flat. If I had the option to view either flat, I would view the furnished flat, it just looks more welcoming.

trainermush · 19/02/2025 11:57

Many flats have really struggled since Brexit in London & I recently read London house prices had no growth the last year. Will the flat be impacted by the stamp duty change?

Mumlaplomb · 19/02/2025 12:42

I think it’s a lovely flat, super location, I agree with the others to dress it and just list it as the price rather than OIEO.

MH0084 · 19/02/2025 13:38

Lovely flat!
But you need to be realistic in the pricing. The bathroom looks tired and definitely needs to be updated. So you need to incorporate that in the price. Carpets can be a put off as well.

Posieralmer1 · 20/02/2025 07:30

Thank you to everyone for your really helpful advice

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