two bed garden flat in Wandsworth not selling

[FlatSellerLondon]

Long time reader but struggling to sell two bed garden flat in Wandsworth - The flat is in good ocndition and we reduced it a few times - The price now advertised is less than what we paid for it in 2017

Period property 80 square metres good condition and asking for 650,000 after previouslybeing advised to list for 750K

How much lower can we go - Do we reduce it to 625K again and then 600K

Is the london proeprty market really that slow

By "garden flat" I assume you mean "ground floor flat".

IME these are always a difficult thing to sell and I suspect you will have to drop the price.

OP are you aware of all the recent changes in the laws around landlords/renters? It’s been getting more and more difficult for landlords for a while now, eg landlords were disallowed from deducting mortgage payments from rental income to calculate taxable profits in 2020. A lot of investors are pulling out of the market, and many of their flats are on the market now.

I own a flat in Fulham I bought in 2016 and I think it’s only worth what I paid and put into it. But I’m not trying to sell and I get a good income from it. I don’t plan on selling it any time soon so can ride out market fluctuations. The value may not have gone up but I get 35% more rent than in 2019.
Everyone on here is talking as if landlords are the only potential buyers. My flat would suit a young professional or couple as owner/occupiers as much as a landlord. For people getting on the property ladder in London everyone I know started by buying a flat.

Where in Wandsworth? There a 2 bed garden flats available at that price around Northcote Road, which is a far preferable location to Wandsworth Town/West Hill etc. And are they good double bedrooms?

According to Zoopla, the static average price of London flats has seen a decline of 24% in real terms since 2016. This decline is attributed to the pandemic's impact on the race for space, particularly in flats that do not have outdoor space. The value of houses in London has outpaced flats over the last seven years, with buyers prioritizing space and the London economy experiencing weak employment growth after the Brexit vote. Despite this, flats in London still offer better value for money compared to inner London houses and properties outside London. (source: Evening Standard)

Is the london proeprty market really that slow

It is slow for 2-bedroom flats as there is such an oversupply in LB Wandsworth - all those new developments in Nine Elms and Battersea for example

I've mentioned it on various threads but it really is indicative of the property market in London - last year my sons sold their late father's house in a leafy but boring south London suburb for around £675,000. It was a classic 3-bedroom semi with a large garden, off-street parking, plus rear access garage, etc. It was all done and dusted in about four months.

All about supply and demand - currently there are too many 2-bedroom flats for sale

I also think with 2 bed flats, it can be harder to move them in more established areas. If I was starting out, I'd go for something like this, which is the same size, also a garden flat, but 100,000 cheaper and in more of an up-and-coming area.

https://www.inigo.com/sales-list/mount-pleasant-road