Flat not selling. Advice needed.

[Tiff1378]

Has anyone got any advice re selling a 2 bed flat with a large balcony. We currently live in a new build and want to move after 8 years, but are struggling. We are in a small block of flats and have one of the penthouses. Our neighbours put there’s on in January which spured us into action but I waited until early March. They sold within 3 weeks so we thought we’d have a similar experience. However despite 11 viewings and 1 offer, which wasn’t genuine, we still haven’t sold. Our flat is on for less than the other penthouse and for the same price that we purchased it. It is part cladded but not with dangerous cladding. We get lots of positive feedback about the flat being spacious, light and well presented so I’m not sure where we are going wrong. I’m so despondent over the whole thing and ready to give up. Any advice on how to move forward would be greatly appreciated ☺️

You're right about the flat downstairs- it's a mess. But this won't help you in selling yours: people want to know who their neighbours are, and if they look after their property.

Nothing you can do about that though.

I agree, they’re a rental flat hence why it’s like that I think, but are actually quiet neighbours. It obviously doesn’t help though 😫

It's entirely up to you what price you market your flat at, of course. However, if you are considering reducing, I would do it soon rather than wait until Autumn, when the economic backdrop is likely to be worsening, rather than improving. You have already marketed it through the whole Spring, traditionally the best time to sell. As I said before, I think you over paid and prices haven't risen. Unfortunately, flats in some areas are less desirable than they were.

I’m helping my daughter look around at mortgages for first time buyers and the mortgage companies seem to have clauses in some of them that say ‘no flats’ which I thought was interesting. Why anyone would buy a flat and accept that they are going to have to stump up the extra for these expenses is baffling tbh.

I like it OP but I have no idea what the area is like etc

https://www.rightmove.co.uk/properties/156746453#/?channel=RES_BUY
Loads of great comments so I have nothing to add other than this link to the listing for the other penthouse in case it's useful for someone.

Agree with others. The photos aren’t good. I don’t think you get enough of a feel of the place and they don’t feel inviting or well thought out. Really dislike the ‘lifestyle’ photos - feels very impersonal. The flat itself looks really nice, the furniture in the sitting room could be arranged a bit better to create two distinct zones

When you buy off plan or new build invariably you pay a premium. Post Grenfell any cladding scares people but you are getting viewing. No one likes service charges and yours are not excessive, saying that there is no limit on how much they can rise.
Did you get evaluations from estate agents?
Try offers in excess of £270k and go from there

Have the estate agents said anything about the market ? Our main house is up for sale and there have been hardly any views on rightmove for the town, at all levels. They also said there's no interest in branch either.

Looks a lovely flat - I would definitely make more of the balcony. It looks like you never use it. Think colourful table & chairs, geraniums, stand alone trellising, etc. B&M is your friend here.
To make the sitting room more separated, try a room divider - something like this or just narrow slats?

Gosh, that's quite shocking. It sounds as if your whole town has become generally unaffordable if that is the case and that prices will fall as a result.
Can I ask which area of the country you are in, roughly?
There seems to be a lot of variation, with some places/types of property still moving fairly well and others in the opposite situation.

I think it's lovely! I don't know the area at all so unsure if price is reasonable.

But honestly I can't see anything wrong with it at all. I guess it would suit a couple with one child or a child free couple, or a single person who might want a lodger/use one room as an office/studio. So maybe if there's lots of bigger families in your area it limits the level of interest?

Unless the service charge is ridiculous or it's nowhere near amenities or anything interesting, or the neighbours are horrible?

Thank you for all the help and advice. We had another viewing today, they said that they liked the inside of the flat and the space, but wanted more outdoor space. Not sure what they’re hoping to find as most flats have less than ours 😫 it’s so frustrating!

GROUND RENT
£300 per year (Ask agent about the review period)

This might be an issue. What is the review period? Does the agent actually know?

This is what Barclays say about non-new build flats/apartments:

If the proposed security is not a new, qualifying long residential leasehold property within scope of the Leasehold Reform (Ground Rents) Act 2022:
Peppercorn or low ground rents are acceptable.

In respect of RPI linked Ground rents:
• Ground rent is indexed to RPI no more frequently than every 5 years.
• Ground rent up to 0.1% of the current market value is acceptable
• We may accept Ground rent up to 0.2% of the current market value subject to review and where this is the case you should refer the matter to us to provide confirmation of whether we are happy to proceed,

In respect of Doubling ground rents:
• Should not double more frequently than every 20 years
• Ground rent up to 0.1% of the current market value is acceptable
• We may accept Ground rent up to 0.2% of the current market value subject to review and where this is the case you should refer the matter to us to provide confirmation of whether we are happy to proceed,

In respect of Fixed increase ground rents:
• Should not increase more than doubling;
• These are acceptable up to 0.1% of the current market value
• We may accept ground rent of up to 0.2% of the current market value subject to review and where this is the case you should refer the matter to us to provide confirmation of whether we are happy to proceed

In respect of Open Market Value linked ground rents:
• These are not acceptable to Barclays and should be referred to us as soon as identified

AST Indemnity:
An AST or Occupation Contract Tenancy (Wales) indemnity is required if, during the term of the mortgage, the ground rent charge is (or will) exceed £1,000 in London or £250 outside of London. This does not apply to BTL properties where there is deemed to be no assured tenancy risk.

Neighbour probably just got lucky, probably someone who wanted to meet the March stamp duty deadline so keen to proceed asap. If there was a long line of people then they would have come to yours naturally.
If I was looking, I could potentially be put off two flats very similar for sale in quick succession. I’d think something was going on in the block/with management.
It’s so frustrating not selling 😔 hope you have some luck!

I think the pictures are really poor. Who wants to see a picture of a chair and plant pot? It does nothing to "sell" the flat . The balcony looks dark and unusable....the main room looks bare and not really a cosy or inviting home..
Who bought your neighbours place? I guess dres it for the client you may sell too, but you also need to women the scope and give it some wider appeal. I think it looks bland and uninteresting...and I'd be sacking off the photographers. We know what a sink amd a clock look like too. And the outside doesn't sell it either.. maybe a close up rather rhan a picture of a parking lot or street

What is the feedback from viewings?
Did you see your neighbours listing?

That’s a completely different animal. The kitchen/living room
and the balcony are features. OP, you’re going to have to lower your expectations a lot.

The living room layout with the chair and footstool looks odd to me. Can you remove it to another room?

I found the listing for the penthouse that sold https://www.rightmove.co.uk/house-prices/details/b74ce1f6-cb55-4881-9cbf-17787fea5dc8

They have staged the kitchen/living room better. Obviously can't magic up an island.

Can you put your sofa on the opposite side or as a room divider with the kitchen? Move the kitchen table to be more centre?

Please don’t base your decision on your neighbour who sold quickly. We sold in three days because we were very accommodating on all sorts of points, and also on price, and had a buyer who wanted ours specifically for personal reasons. It’s possible that your neighbour was in the same situation and everything came together. Our other neighbours have a much more run down flat, with much less light coming in, and want more money, after months they are still there.

You say you want to wait until September when the market picks up again, that will also mean that buyers will see your flat will have been on the market for a long time.

The photos are appalling. Angles are very poor, and you get no real idea of the size of the rooms. The photo showing the balcony wall - just why?

You need more photos and they need to be far, far better than the ones you have now.

You need to rearrange your sitting area furniture to make the space look more cozy.

Pull your dining table out from the wall too.

I agree with @fannieadams

You need to find out who took the photos for the other penthouse listing and hire whoever it was to take photos for you.

Move your dining table to the spot where the other sellers have their island. Move your sitting room furniture. Take down your wall art. Put in some large potted plants.

This post is exactly what we're going through at the moment. We have a beautiful new build previously 2 bed small complex and big sized apartment with fabulous field views and next to everything in a really nice area in Surrey and we have had similar sort of interest and viewings as you, yet no offers as of yet. We have been on the market since just before Xmas and are now moving across to another estate agent for a fresh new advert. Unfortunately flats/apartments are difficult to sell at the moment in this market. We have reduced our price as well recently so were hoping with the new EA, price reduction etc we will eventually sell, but rest assured you're not the only one with a really nice flat/apartment that's struggling to sell

The photos seem to have a weird filter, especially photo 6/10 - it looks like a painting? Also, all the furniture is squashed into the back left corner? Maybe arrange things in a more open way, I understand it’s for watching tv without glare but it looks cramped.

I had a conversation with an experienced estate agent from your area last week. She’s been in the business for over 40 years and says she’s never known a market like it. Her view is that the massive number of new builds in the area have sucked in all the first time buyers, therefore the second third and fourth rungs in the ladder as it were, aren’t selling. She says the majority of houses currently on the market now are due to the 3 D’s (death, divorce or debt) and therefore under more pressure to sell. The housing market is very different to even 6 or 8 months ago. You might well find that you can negotiate a good price for your next purchase OP so don’t be afraid to make low offers. That could allow you more flexibility on your selling price than you thought. Good luck

Wasn't it you who had a thread on here last year about your flat asking if you switch to a large agent to get a sale? Everyone told you that it was unlikely to make a difference and that a price cut was needed.
Unfortunately, the market is going through a correction at present. I hope you can sell soon and also negotiate a reduction on whatever you purchase.