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 ☺️

Agree but I wasn't referring to properties advertised as complete refurb required. That is what I find surprising, how can a property that is in squalor be ready to move into. Anyone would choose a basically cared for home at least.

We have now dropped the price slightly to see how things go until September and if that doesn’t work we have decided we will remove it and relist it in the new year. The EA told me the market is very slow for both houses and flats at the moment as there is a record number of properties available 😩

Good luck! Home you get an offer soon🤗

Good luck! I doubt a total of 5% off the original asking price is enough but I hope I am wrong! If even the EA is admitting that the market is very slow, it does confirm a falling market in your area, as several people have said. It may end up working in your favour if you want to upsize though so don't be too despondent.

It’s the price, as many people have said. A quick look on Zoopla tells me that two other flats in that block have sold this year for £245k and £231k, which immediately would make me as a potential buyer question why you were asking £280k, now a bit less. The flat with pics that sold for £245k looks similar to yours and also has no separate kitchen. There is a huge number of flats for sale now all over the country, I think partly because it’s more widely known about the increasing ground charge and service charges, so people are saving for longer or stretching themselves to buy a house. I doubt your flat will sell at the reduced price but good luck!

Dropping the price to the within the lower price band ori rightmove may make a difference.

I understood that buyers now just offer what they think a property is worth. I.e they find a property they like and offer ( within reason) Is that not the case?

if you read the full thread you will see my post where i listed the history of all 12 flats>
OP's is one of two penthouse flats and thus does have a premium over the others in the block. BUT none have yet to exceed their original new build (2017) purchase cost

I take your point about the premium difference, but that difference isn’t worth £35k (difference in price between the flat with pics that got sold and OP’s flat), in my view. Also, the flat, though lovely, doesn’t have that penthouse feel.

lack of penthouse feel already mentioned

You have missed the fact the other penthouse has sold in March and, although not yet updated on Land Registry record, apparently for a figure (TBC) close to its purchase price. Much of this thread thus about whether the sold penthouse was better presented than OP's to justify why OP's is not attracting interest .

Sure, I mean I was just giving my feedback from the perspective of an imaginary prospective punter looking for a two bedder in the area (a lot of them to choose from) and who has the inclination to spend just a minute looking at Zoopla to see what’s recently sold in that block.

I find flats are not doing well. People don’t want flats and are jumping over the first step of the property ladder and straight into family homes instead. I think it’s because moving costs have gotten so high so people are trying to go straight to the house they want to start their families in.

Flats definitely not doing well. I’m looking in the north west for a property and have been for while. Initially I was looking for a flat but the permanent service charges and ground rents that go up yearly put me off so I’ve decided to stretch to a small house. I notice it’s the flats that tend to get reduced more quickly than houses and they’re on the market longer than houses are.

I think the OP said it sold for £277k in March. The market appears to have turned down since around April in general so it seems v unlikely that she will achieve this sort of figure.

We sold a property in October. Ours was a different price bracket and in a national park so very different location but just thought our story really does illustrate what most people on this thread are trying to tell you.

3 agents recommended at least 950k. 1 agent recommended 895k, he said the market was slow and people were not being realistic with what the wanted to get for their homes. Prices were basically back to below Covid levels. We went with the 895k, had 6 viewing and sold to a cash buyer within 3 weeks.
When I look at Rightmove now, there are many houses which were for sale at the same time as ours, all were more expensive, they’ve now had to reduce prices to below what we sold for.

@Tiff1378 You can keep telling yourself it isn’t the price but if you want a reasonably quick sale, you will have to reduce your sale price.

Secondly listen to the people saying you need to go to IKEA, spend a few hundred pounds and make the sitting room/kitchen a bit more homely.

You were v sensible @LizzieSiddal. If you price too high in a falling market, you are likely to get a lower price than if you priced realistically.

they did say that, but what I said was the confirmed price paid has not yet appeared on the |land registry records. £277 gave the neighbours a 1.5% (£4,500) gain over their purchase cost, but, like you, I do not think that is suggestive of the fact OP will replicate being able to sell for a gain in their own instance in what appears to be a now falling market.

I agree with you @Wot23