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.

Thank you - I was aware of the charges not the pursuing costs.

@S1894PCohen lovely mumsnetters who just like to make everyone feel shit. Their comments aren’t helpful just patronising. I think they must be trolls who just enjoy antagonising people. Sad really!

OP you sound angry with people telling you the realities of the market. Just pretending it's all going to be okay could lose you money. You can only get for your flat what the market will pay for it, otherwise it's rent it out again. You can't force anybody to pay a price you want, simple as that.

Good luck OP, I know quite a few people who are delaying buying right now to “see what the market will do” as there is a feeling prices may come down

i think for East London Keatons are still good, I have sold and bought through them (E3)

one thing with beautful Victorian conversions is service charges, my old but beautiful flat had a £400 a month cost on service charges 😬

good luck and I’d adjust price if not selling and change estate agents

I thought you said OP that you were paying mortgage and also rent, thats what people mean by the running cost I think

Consider the CGT as well - if you sell in a year there will be more CGT to pay. So you can afford to drop the price today by that amount. I would look at everything on an after costs basis.

Also, giving notice to the agent will galvanise him or her.

How much are you going to cut the price by, or has there been more interest?

Yes, they seem to have three options, rent it out, sell it, or live in it, but keeping it at a loss because of some imaginary notion of what it is worth won"t work.