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.

Have you actually lowered the price though OP? I would do that now with warm weather next week given that it's a garden flat.

But you bought a decade ago for what is likely an amount much lower than what you’re now asking for.

230k for zone 2? I’d say she got lucky.

Seems very low, but perhaps it had a short lease and/or high service charges. With flats you need to know about the lease and service charge in order to judge a sale price.

No, it has low service charge and fine lease length. Similar flats were on offer at less than 300, so cheaper than those - it needed some work - but still ok. It was a good buy. It was advertised at 260, from what I remember, I think.

I’m in exactly the same position as the OP - “accidental” landlord of a garden flat in London and now just want to get rid. I’ve been on the market in west London for 4 weeks and have 2 offers from chain-free buyers. I was persuaded by the EA to put it on at a slightly lower price than I would have liked, just to drum up some interest. It worked - I had 8 viewings in the first two weeks and I’m hoping to agree a deal tomorrow for slightly under the asking price - I think it could possibly get more if I left it on the market for longer but my tenant is just about to move out (of her own accord) and it’ll cost me dear to keep it empty (mortgage, council tax, utilities etc) so just want to cut my losses and move on as fast as possible.

Ah so it was a doer upper then? They tend to be cheaper.

Just wanted to add I have every sympathy with the OP - this is the third time I’ve tried to sell this flat and it’s extremely stressful! I decided this time to go with a small local agent whose staff have all been there years and know the area like the backs of their hands.

Flats in my area have dropped about 10% from a a pre-Brexit high a decade ago so not necessarily true

@S1894PCohen thanks so much for you understanding comment. Wishing you all the luck with your sale. Let me know how you get on xxx

@speckledpinkhen Thank you, hope you find a buyer very soon!

No advice, but just wanted to say you sound very reasonable and rationale OP. Hope you manage to get a sale in the near future.

@CoffeeAndCats3aww thanks so much. What a lovely comment. Thank you. I do think so, but sometimes Mumsnet has me questioning my sanity xxx

I sold my flat last year but it was an ex council flat and I sold back them

That is shockingly bad financial planning, it just shows how deeply ingrained all the "Can"t lose with property" nonsense has become.

Selling flats is about the cost of mortgage debt, not how well the EA knows the area?

"Positive stories" and "London flats" go together like custard on toast, you are not hearing "doom and gloom" you are hearing reality.

@KeepPumping can I ask if you know anything about my financial circumstances when I bought the property and what has happened in my life over the last ten years? I don’t have £1.5k running costs on this flat BTW!

@KeepPumpingare you related to the other poster or a name change? Or do you all band together in a little group?

I always found Keatons really good when I was buying and selling in East London (E3). Sounds to me like your agent is not doing enough.

Where did I say that selling flats is ONLY about how well the EA knows the area?

I’ve had this flat on the market with chain EAs - whet the cost of borrowing was lower - and had a shit service. I’ve had a better experience with a small local agent.

Your post is patronising.

Good advice.

My children are looking to buy in central London - what is the problem with new builds? The warehouses are gorgeous but small windows and little light.

I think most people are trying to stretch to 2 bed places now to future proof.

High service charges generally with no cap. Then factor in non payers so the management companies add the cost of pursuing non payers to the charges the next year.