Struggling to sell flat - what now?

[Wonderbug81]

I have a 2 bed flat on sale in London zone 4. Decent area, good transport links (bus, tube and train) and it's duplex which I did up to a high standard when I moved in. It's a duplex flat across two floors, 860 sq ft so generous rooms and it's a Victorian house conversion.

It went on sale in mid July at £450k on the advice of the agent, similar properties nearby etc. It had all 20 photos and a virtual video too.

We had one viewing.

I've spoken to the agent and he blamed it on a hot summer and the World Cup!

But it's not got better since. He is recommending £400k but that seems a huge jump down and leaves no leeway for price negotiation after survey etc.

Would welcome advice, not sure what price to drop to. I don't think the agent is great but then it's also a tough market.

To be brutally honest, if it was on at a price people were willing to pay, it would have sold by now. If you post a link people give you local price knowledge.. Your choices are to drop until it sells, or don't sell. It's a predicament that a lot of people are in now.

Leave it on the market for another couple of months at least. It's not been on long at all and it's over summer when people have been away etc.

If you are brave you can post a link to the listing here and people will tell you things you may not like but which may help. Flats in London have not been selling well - a load of landlords selling up. The Renters Rights Act means a lot gave tenants eviction notices before the act came in and some of those have been working their way through the courts so are yet to work through the market.

You need to do the usual decluttering as much as possible, get all the windows cleaned, make sure the agent presented it well - 20 photos is about 10 too many and many videos are crap. Make sure you have a floorplan with measurements.

Flats aren’t seeking now -lots of landlords putting them on the market so a glut, and conversions aren’t doing well because of issues with other flats in the building.

Yes that's my instinct too to be honest. But £400k is a big drop so working out what I can stomach.

Yes last time I sold and bought it was done and dusted in 6 months but the market is entirely different. I'm selling to buy with my fiancé so we don't really want to wait that long. I think I have to decide how much I'm willing to drop but £400k is pretty significant (£50 cut).

How long ago did you buy it and what did you pay? I always look at this on rightmove too

Thanks don't want to share but it's totally clear of clutter, done up to a very high standard (multiple agents said this and I've bought and sold before so I know they aren't just saying that, plus it's all high finishes/underfloor heating etc), it has lots of nice photos plus virtual tour. It has been getting views on Rightmove but not viewings so I think it comes down to price.

Flats have dropped a lot and just aren't selling - its slightly better if you have a share of the freehold.

How long is your lease? Leasehold flats are becoming more unpopular. You need a long lease for anyone to consider it and ideally a share of the freehold.

No one will be jumping to buy now as people are fixated by being in for Christmas , personally I’d take it off the market til spring

Thanks I bought for £386k. It was on for £400k but I negotiated as they wanted a quick sale. That was Summer 2021.

That said, you can't actually see my sold price because of a weird error by Rightmove. It just looks like it was never on the market before when you go to sold prices.

Not sure if that benefits or hinders me here!

Thank you it's 150 year lease and no service charge so relatively appealing compared to other leaseholds. But still a leasehold I suppose!

We viewed on 30 September last year and moved in on18 December so there's plenty of time to be in by Christmas, it's always the price. Maybe try £410 or offers over £400

What did they sell for pre Brexit/Covid? any service charges?

I wouldn't take any interest further if I was looking, and the length of leasehold and associated costs weren't clearly listed ( management charge etc).
It really annoys me if they aren't clear and I would suspect a problem, so just scroll past.

Obviously don't know about your listing, but it's a consideration.

ETA just seen cross posted with your last post

You are not dropping - the price was wrong in the first place. You need to view it as a price that someone is willing to pay. Not "dropping".

I’d go to £425k and see how that does. I’d do it soon as well before the selling season goes, which I guess is September / October, then won’t pick up again until Spring.

400k for zone 4 is quite expensive tbh as you can get a flat for that in somewhere like Tooting. There is such a glut of flats on the market and not enough buyers plus a lot of FTBs are skipping the flat stage altogether and going for a house. It’s pretty rubbish for recent buyers.

Summer 2021 was when prices peaked at their highest. As that is when you bought just market it at 400k and you should get some interest as prices have not gone up since then. But…. I would he put off by that 150 year very short lease.

My understanding is that the value of apartments in non-prime London peaked several years ago & has been in continuous decline since then.

Your apartment is worth what someone is prepared to pay for it. After 2 months on the market & 1 viewing, it’s evident that nobody is prepared to pay £450k for it & the agent has got the valuation completely wrong in the current market. Therefore, if you want to sell, you need to cut the price to a level which will attract potential buyers.

Oh wow that's fast! I did similar when the stamp duty holiday was on but everyone was motivated then. Good to hear it's possible.

No service charge or ground rent. 150 year lease.

They bought for £400k in 2018 so sold at a loss to me but I did a lot to it (new kitchen and bathroom, painted and decorated, rewired, removed electric shower, new boiler)!

But you bought for 386! prices have dropped since then.

Lease is on the listing but actually the fact that there is no service charge or ground rent isn't! So will ask them to fix that.