Property not selling - When would you consider reducing the price?

[Gingka]

One bedroom leasehold flat bought in 2019 for 200k. Greater London, slow market in this area.

On the market since April this year, 4 viewings in the 10 weeks mandate with first agency (price dropped from offers over 215k to 200-210k). One offer for 195k, buyers changed their mind virtually on the same day and offered in a completely different neighbourhood (they mentioned during the viewing they were waiting for news on that property so didn’t come as a surprise).

Switched agency and extended lease. Re marketed at 200-220k and got 7 viewings in 8 weeks. No offers.

Current estate agent (the loveliest) is suggesting tweaking to offers from 190k to increase volume of enquiries/viewings.

Considering the recent leasehold extension bill AND this, there’s easily 20k gone in purchase price for the next property. Lots of similar stock on same road with shorter lease and similar prices is not shifting.

I agree with the estate agents, husband doesn’t. IMHO a motivated buyer will buy any day of the year at the right price which clearly isn’t working in this price bracket with all the unsold stock within 0.5 miles.

What would you do?

Thank you so much

I don't understand putting a price of 200-220. Surely nobody will think that they will offer 220 and just go for the lower price? I would just put it on at 190, not offers over. What does your husband want to do?

Agree with you, 200-220 was EA recommendation but surely 200 would be what everyone would eyeball. Clearly not working. I reckon the same would happen with “offers over”, people would just offer 190 or a lot less.

Husband wants to stay put in delulu land but the game of “oh it’s always slow around Easter, always slow around Bank Holidays, always slow during/after school holidays, etc.” could be played forever. Truth is if people don’t offer despite leaving positive feedback, the issue must be price.

Your right and so is the agent. If the only offer you had in what's nearly 6 months now was 195 - and that offer evaporated immediately then it's overpriced. If you also have similar property for sale nearby that are not shifting then it's time to accept the prices for those particular properties are not representing value to buyers. Your husband needs to become aware that the chances of a sudden market improvement are slim - in fact some further movement in the other direction is more likley really.

Thank you for this. He finally agreed this morning and price is being changed within 48 hours. Fingers crossed!

I agree with @DrySherry so pleased to read that your husband has now agreed to the price reduction. Hopefully it will help your listing to stand out from the others.

I do part time in an agency..its very slow...nothing moving at moment unless cheap !

Any offers?