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…

Hi @Loobyloot can I ask what has made being a landlord so undesirable? We’re in a similar situation to the OP (two small children, small flat that has been on market for longer than OPs with very limited serious interest) and am now considering renting out our flat and then moving into rented accommodation ourselves. This genuinely seems the quickest solution for us to get more space without having to find new jobs outside of London.

Financially it would be a bit annoying to pay tax on rent received and have to also be paying rent but should be manageable unless I’m missing something. What are the legal issues / barriers?

Hey @Maisie2409 how are you getting on? We are in the same position with our two bedroom flat and just had our first no show viewing today, it's so deflating!

There is none of the usual selling activity anywhere for Sept as market is dead. Perhaps waiting for this Thursday’s Bank of England interest rates meeting as scaremongering about rate rises.

I really dont think its scaremongering. The BOE will have to increase rates at least twice before spring. Unlikely they will increase at this meeting - but its in the post, cant be avoided.
Buyers are right to think very carefully about what the increases to mortgages will do to property value.

It’s the political/economic climate unfortunately. Maybe you have sold by now though.
When I bought one of my flats back in 2018 property was flying. I went to a mid week open day and got a call from the agent on the drive home saying they’d already had two offers was I interested? This was the same for other flats I’d viewed. Fast forward and I had it on the market for eight months last year without an offer. I put it in at the same price as the flat above (with one less bedroom) had just sold for but I guess I missed the market. Took it off and may try again next year.