Looking for good news stories of flat sales in London

[speckledpinkhen]

I bought what I genuinely thought was the perfect one-bed flat in East London about 10 years ago. Victorian conversion, top floor, lovely kitchen, private garden, parking, share of freehold and low service charges. I lived in it myself for years and then rented it out for the past five years. I’m now selling it.

I took ages choosing an agent because I really wanted someone proactive. The flat went on the market in April and we had five viewings booked in within the first three weeks. Feedback was generally positive but no offers, and apart from one person who offered on another flat, nobody really explained why they didn’t proceed.

Now we’re six weeks in and, after the initial flurry, I’ve only had one further viewing. I know the market is slower at the moment, especially for flats, but I’m struggling to work out whether this is fairly normal or whether my agent just isn’t doing enough.

I’m especially frustrated because we recently realised they’d listed the property without ticking the garden or parking filters on Rightmove, which feels like quite a major oversight given those are two of its biggest selling points. They also won’t make it a featured property on Rightmove, and other than suggesting a fairly significant price reduction, they haven’t really explained what else they’re doing to generate viewings.

To make it more confusing, a nearby one-bed with no garden sold recently for around £50k more than mine.

I’m not looking for “London flats are impossible to sell” horror stories, more wondering:

• Is six weeks actually still early days?
• Are agents generally quite passive after the initial launch?
• Should they be doing more to keep momentum going?
• Has anyone had a flat go quiet and then suddenly sell a few weeks or months later?

Would really appreciate any balanced insight from people who’ve sold recently.

How many of them actually sell at that price though?

https://www.plumplot.co.uk/London-property-transactions.html

It’s funny that despite the title of this post ‘good news stories’ people on Mumsnet can’t resist just commenting negative post after negative post reiterating the same thing! I’m not naive, I’ve not got me head in the sand and I know about the East London property market. I have said about three times already I’m happy to take a reduced offer 😭😁

Mumsnet really is a pessimistic place! Thanks for all the positive comments and comments in solidarity appreciate it xxxx

Is the similar property that sold recently on with a different EA? If yes, would it be worth switching to that one?

Was the description for the flat that sold better than yours? If yes, would yours be worth tweaking?

Are the communal areas tidy? When searching for a one bed flat, I felt nervous if the front garden/porch area of the property and communal hallway were shabby. I wondered whether the other residents cared about the building.

I was surprised when my neighbour sold her one bed Victorian conversion flat in zone 3 south east London - no outside space - in 3 weeks for the asking price of £375k. During her time in the property, she put in a new kitchen, added character back (cornicing, ceiling roses, fireplaces) and upgraded the shower head, screen and taps in the bathroom. Her property was share of freehold and close to green spaces.

I expect OP is paying mortgage, council tax and service charge, which is costing £1500pcm.

OP I am in the process of selling a 2 bed flat near London. I got an offer quickly and hopefully will exchange soon. It also has share of freehold and lowish service charges, which is appealing to buyers (like yours).

I gave it a fresh coat of paint and good clean (including windows) after the tenant left and put a few pot plants, a very small amount of furniture and some paintings/accessories in it before it went on the market. I was advised by EA not to make it personal, just 'aspirational' so none of this cost much. I priced it in line with others that were selling, as you have.

Maybe consider changing agent to the one who has made a sale?

OP there have been lots of messages on here genuinely trying to help you sell. Just asking for good news stories and burying your head in the sand isn't going to do that. Your best chance to sell a garden flat is surely in the summer. Why not lower the price to what you would take for it?

The lack of positive stories on here about recent flat sales says it all about the current market, OP.

Yeah sorry we lost £75k on our flat. Bought 2017, sold 2024. Two bed, garden… Took us 5 months to sell.

@fundamentallyauthenticthe fact is I didn’t ask for negative stories if you read my original post. So I just find it hilarious people just post them anyway. 😂😂😂😂

@paddleboardingmumim not burying my head I. The sand. I asked for good news stories not negative ones. If I had a negative story I just wouldn’t type it. I am VERY aware of the current climate etc etc!

You’re “very aware” of the current climate yet you won’t drop your price to a realistic one and continue to pay £1.5k running costs per month for the flat thats empty?

@fundamentallyauthenticwhy do you come on thread ignore what I’ve asked and just bring doom and gloom. Seriously, the misery that lies behind mumsnetters will never fail to amaze me! I would love to be that miserable in my life that you just want to antagonise people. You’ve got your rise. So you pop off to someone else’s thread and ruin their day! Enjoy ☺️

We sold our flat for £135k more than we paid for it in 4 weeks. Not everywhere and not every flat is the same.

When was this?

People are wary of Victorian attic apartments. They generally have a terrible EPC, are cold in winter and hot in summer. If the roof leaks you are the first to know about it. Solid 9” brickwork which unless has already been repointed is likely to need doing.
Often difficult with furniture and useable floor space due to sloping ceilings.

The good news is, reduce the price and someone will buy it.

I don’t think many people will want a one bed when, for a bit more, they could get a two bed. One beds were very difficult to sell after Covid and are always the first properties to drop substantially in price during difficult housing markets. My dc will be looking to buy in SE London eventually and wouldn’t consider a one bed as they want to rent out a second bedroom to assist with paying their mortgage.

1 bedroom flats will always sell!! Even though a 2 bedroom flat may only be a few thousand more, there will always be people who can’t afford that few thousand more! Phil and Kirsty say a good 1 bedroom flat is better than a cramped 2 bedroom flat!

@KatiePricesKnickersso strange as two flats in my Victorian building sold over the past year.

Its really not strange at all. Yours will also sell, if you take into account the advice given to you by the market, the estate agent and posters on here - then that can happen relatively easily. You will be aware Im sure that home values have cycles (related to affordability) and your timing to sell is just a bit late to get the maximum - that's all. The news/evidence that this is happening has been everywhere for some time now.
Its hardly doom and gloom, values haven't crashed, the market is still moving, buyers and sellers are still successful. Adjustments have been pretty minor really so far.
It seems like you are taking it too personally, both in terms of having to adjust your value and in seeing good/well ment advice as a negative.
Nobody has come onto this thread and accused you of being a social parasite for being a Landlord - or of suggesting you might have been a financial moron by using interest only btl.
All your whining about "I can't get what I want for it" is starting to sound a bit entitled to be honest. Never the less I wish you good luck and a smooth sale.

@DrySherryInteresting that you managed to write three paragraphs about me ‘taking it personally’ while calling me entitled and whining in the same breath. I actually said I’m happy to reduce the price to reflect the market, just not to the point of giving the property away. That’s not entitlement, it’s basic financial sense. Anyway, thanks for the good wishes beneath the unnecessary character assessment 🙂

My friend is selling a 2 bed conversion flat in east london and hasn’t had much interest.

It may be because the tenants, who are buying, are still there.

Have you decided to change agents?

@CushionHuggersorry to hear about your friends! I think it seems very stagnant market and yes, it’s really hard to sell with tenants in-situ! I’m tied in with current agents for a certain period and am going to reassess options regarding pricing before changing! Maybe I expect too much, just can’t believe how ‘can’t be arsed’ the agents’ comes across! It always seems to be me chasing for feedback, strategy etc! I hope you’re friends get a little luck soon xxx

We were in this situation with lazy agents. Never sold before so did not know what to expect.

I posted on here and realised they should be doing so much more! Have had two sales fall through :( now in a chain and hoping it will complete. But changing agents (from small office to small group) really made a difference. The new ones are much better resourced with even a person whose job it is to chase everyone on the chain.

@CushionHuggerthanks for the intel. I spent so long choosing the right agent as they seemed professional and hungry for the sale, but now they couldn’t be anything further from that. Even just communication this week with follow up from the viewing at the weekend would have been great - but other than a couple of sentences on Saturday I’ve received nothing.

The thing is though, the longer you pay your mortgage and rent on the property you live in, the more money you’re losing (although if the tenants are still in situ then this might not happen). A long time ago I was in a similar position and basically had to sell for what I paid for the property just to move on. It worked out well in the end and is just part of the housing cycle if you’ve been around long enough. Not every single move makes you mega bucks.

@Timetakesacigaretteyes I appreciate your points and have said about half a dozen times on this thread that I am willing to lower the price. However, I will not sell for under what I paid for it.