Struggling with flat selling process

[Maisie2409]

Hey everyone!

I’m looking for some advice, as we haven’t yet sold our 2 bed London flat and it has been on the market for 8 weeks now. We actually had an above asking offer in the first week, so felt like we were off to a flying start and wouldn’t have any trouble to sell! That person sadly then ghosted the EA and so we had to press on to find another buyer. We have reduced in price, which has definitely increased the momentum of viewings, however unfortunately no further offers have come from this. The flat is well presented and feedback has been varied - it often starts with ‘really lovely flat, however….too far from tube, second bedroom is too small for our needs’ - things we can’t really change! Please be gentle and I’m really struggling with it all mentally today - trying to manage a toddler, newborn baby, getting the flat viewing ready, feeling like we’re going to lose out on next the property that we love…

It’s a really tricky time and unfortunately there are a lot of flats on the market. We are looking for our son in another city and I’ll get notifications every day of new flats in his quite small search area, at least 75% of what I get through is reductions on existing properties on the market. Do you have any outside space or a decent balcony? The mortgage rates have also increased even in the past few weeks and there is so much uncertainty, both globally and just within the UK which is affecting people’s confidence. Our son is a first time buyer and typical of many I think in feeling very unsure whether he wants to progress with anything at the moment, given concerns about rising costs.

I’m sorry I don’t have better news or much hope to offer but you’re not alone in this situation. The only answer really is to reduce the price to a level which makes your flat attractive even in uncertain times. However, I appreciate that’s very often not realistic for people trying to move up with the property ladder.

I'm not sure if this will help or not, but it's not you or your flat - this is the way selling is at the moment. Buyers have the pick of the market and are super nervous about committing in uncertain conditions when mortgage rates are relatively high. Slow to sell doesn't mean you won't sell eventually, but it really is a marathon not a sprint at the moment.
It's awful because it's such a stressful time and endlessly having to get the place ready for viewings is exhausting and makes it feel like you're a stranger in your own home.
Try not to worry too much about the feedback. Remember estate agents push people for this and the reasons people give are usually just an easy answer to get the estate agent off their back. Just try to do everything you can to detach mentally a bit from the process and just live your life as though you weren't trying to sell as much as possible.

Thank you so much for your insightful response, really appreciate it. I totally agree about the political uncertainty in the UK right now, along with the obvious global situation - I would also be considering holding off for now as a first time buyer! First time buyers are our main target market, which could well be why we are struggling.

We are ground floor with a private patio area and direct access to beautiful communal gardens - it doesn’t feel like London when you look at the greenery outside the windows! We bought in 2020 and were up against multiple viewers who offered the first weekend the listing went live! Thankfully we bought before the FTB stamp duty cuts caused the property prices to inflate, so we don’t think we overpaid at the time, however it’s difficult to think about how competitive it was buy our flat then, vs how we’re struggling to sell now!

Best of luck to your son with his property search - whether he finds something soonish, or decides to hold off for a bit and see what plays out!

8 weeks it’s Nothing even in the best of times
Hang in there OP

Appreciate this - thank you! It does help. I was a bit nervous everybody would be like ‘it’s clearly overpriced’, whereas I genuinely don’t think it is and have really tried to look at data objectively around what is selling / recent sold prices etc. You’ve hit the nail on the head - it does feel exhausting trying to live in a place with young children that we essentially have to present as a showroom. I had a good cry this morning when we had 2 further very polite rejections after viewings yesterday but you’re right - I need to try and mentally detach myself from it a bit to stay sane!

I see so much incorrect property advice on here when properties are not selling. "Paint the walls, do the garden, trust me none of that matters to the right buyer."

I have been in property over 20 years, and the only thing that sells a property is market price.

I can imagine. We have viewed some horrendously presented properties, but of course can look past that if the price is right! We are open to selling under what we had initially hoped for, particularly if we can get our onward purchase for a bit less to soften the blow. It’s just mentally hard when we got our hopes up with the initial very good offer!

A small 2nd bedroom is tricky. Have you done all you can to declutter that room and make it look as big as you can? After that, lower the price really. Good luck.

Exactly that, people don't care if the carpets have fag burns, the walls are yellow from cigarette smoke, and their is mould around the bath - if it's priced accordingly.

I don't know anything about your flat, but in a lot of areas investors are a decent percentage of the flat buying market. For all too obvious reasons they are not buying at the moment.

@Maisie2409 it really is a buyer's market at the moment and there are an awful lot of flats for sale in London.
The market value of a lot of them is currently below the bought prices since about 2017. That is a bitter pill for sellers to swallow and the understandable holding out for break even or profit means many are staying on the market for many months. So hard as it is to hear it may well be worth less than you paid. It's very unfortunate that the initial timewaster raised your expectations.
Don't be disheartened by buyer feedback, they have to say something, but distance from tube and small second bedroom will be significant issues. They shouldn't really be viewing if they know that to start with.
See how far you can realistically reprice to make yours look like a bargain (which is what buyers want at the moment). Maybe have fixed viewing times so you don't have to constantly get the flat viewing ready and take a bit of pressure off that way. People who are genuinely interested will go with that.
Good luck and I hope the right buyer comes along soon.

Thanks for your responses. Will give it a bit more time & patience, and then consider another reduction if needed. The second bedroom is 3.5m x 2.7m (not including big, internal cupboard / wardrobe space). So whilst not big

Oops sent too soon!
So whilst by no means big, it isn’t terribly small and does have great storage that isn’t included in the square footage. We have lived so happily here for the past 5.5 years and genuinely love our flat - through multiple life stages, with the most lovely neighbours, in a gorgeous/green part of London - I just really need to try and not take it so personally that it might not work so well for other people 😅

It’s a buyers market right now. My friend is putting her 1 bedroom flat (south east London) on the market this summer and I don’t think she’ll sell quickly nor at the price she wants.

It really is just the price. Flats particularly in London, won't make the prices they used to. You could, I'm fairly sure get your 2020 price back if you bought well - but to get more its a case of might get lucky or might not. Prices are likley to soften further this year. I would recommend getting ahead of that curve with your expectations of value if you really want to move. Not good news I know.

todaysconveyancer.co.uk/half-homes-dont-sell-zoopla/#:~:text=Nearly%20half%20of%20all%20homes,Donnell%2C%20executive%20director%20at%20Zoopla.

I can’t think of a worse time there’s ever been in my lifetime to sell a flat. Up and down the country, there are tons up for sale, and have been for ages.

Although you can’t really properly gage what a property looks like and how you may feel living in the property until you view it, they know before about the second bedroom and distance from the flat, so I think your viewers know they have the pick of flats in their ball park price range, so can afford to quickly move on to view more flats. I would give it another month before reducing.

unfortunately you are not alone. We have been on the market since July and not 1 offer. We have had viewings, good general feedback and our flat is a lovely modern 2 double bedroom flat with balcony views across the common and we are next to shops, Dr surgery etc so i can assure you nothing is wrong with our flat. We have also reduced it as well. It's a tough market for any place but definitely for flats right now.

Gosh it’s so disheartening isn’t it?! Your flat and the location sounds lovely! Have you had many viewings? I think I went into this process relatively naively and didn’t anticipate how much it would impact me! I was also relatively chilled about it until our dream next house came onto the market…can just feel it slipping through our fingers as each week passes that we’re not under offer!

Yep. Plenty of viewings and the usual “really nice but…..” we are now relaxed about it all. Houses we loved have come and gone. When it happens, it happens at the end of the day. We’re happy where we are.

Yes...because it is financially and legally so crap being a landlord now, we, like many others, are selling our previously rented out flat in London since the previous tenants moved out in December. So there are lots for sale instead of for rent. I can't see it improving.

'Our son is a first time buyer and typical of many I think in feeling very unsure whether he wants to progress with anything at the moment, given concerns about rising costs.'
I don't blame your son. I would also be inclined to wait and see if I were a young FTB. Economically and politically, things are very worrying.

Unfortunately, @Maisie2409, flats haven't been doing well in general for some time, although perhaps it is much more desirable than some if there was a lot of competition in 2020. As others have said, there is so much competition and many FTBs are trying to save and skip the flat stage or have been pushed out by rate rises or are worried about their employment. If you have recently reduced, I would give it a bit longer. As others have said, it generally comes down to price.

Would you be willing to post a link OP?

I was lucky that I could sell my flat back to
the council. I think more buyers are aware now of the problems of leasehold and service charges,

I am in exactly the same boat only one has come to see it and it’s listed for less than k bought it for in 2014 !

@Tblock1800 @Maisie2409 how bad are the service charges for your flats?

Ours is pretty good for the area. Cheapest in our area compared to others for sale