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.

Are you saying a mortgage is not a debt?

Of course it is. It’s tautological to stick the word ‘debt’ on the end every time though.

I know you think you’re fighting the good fight to influence a property crash but all you do is clog up the property threads for those that are actually buying and selling.

150 years left on the lease would but me off tbh, anyone who buys will have even more of an issue selling it on.

150 years is a decent lease, anyone complaining about that really doesnt understand the market.

Lack of a service charge would put me off, although less than a massive service charge, but no ground rent is good. If it's not stated I tend to assume the service charge is massive.

Improvements are only good if other people like them, your taste may not be mine. The agent should certainly be saying there is a new boiler though and if you are leaving appliances definitely mention they are new (and A rated?). .

20 photos is too many. Maybe your agent has gone for the arty picture of a vase of flowers - waste of space. I want to see if there is a view, what the parking is like, if there is any outdoor space, whether there is storage space. I dont want to see someone's clock, or vase, or table lamp. At least half of mumsnet is put off by offers over btw.

If you're not getting viewings, it's the price. Prices for leasehold London flats haven't really increased since 2021 (or rather, they increased then fell again and are still falling). If you need to sell I would drop to £400k.

Are you still in contract with the agent?

Mumsnet is really not the place to post about flats in London, there are tons of very uninformed posters who know fuck all about the London market(s) (as there are many different markets in London) and yet come on these threads and pontificate at length. 150 years is not a short lease and wouldn't put off any serious buyer, the leasehold/feehold arrangement you have are very common and not problematic. I think you have suffered from the fact that you went on the market at a terrible time, right in the middle of the holiday season and therefore it seems like you have been on the market ages when in reality it's really only been a couple of weeks of more normal market conditions i.e since the beginning of september. Unfortunately because of timing you are possibly now a bit stale which would be the main reason for jump starting things with a price reduction.

Agree with all this . 150 years is a very decent lease length for a flat. And a lack of service charge for Victorian conversions and Victorian purpose built flats (i.e. like a house but just a couple of flats with their own front doors) is completely normal in London (not sure about elsewhere).

Lease length is decent but lack of service charge is potentially problematic when there’s not a share of freehold with it. What maintenance has been done since you bought it? ‘As and when’ sounds good but in reality isn’t when old houses need regular maintenance

Who’s your target market? As others have said, for up to £450k you can buy flats in zones 2&3. Assuming you’re pitching to FTBs, singles or couples, can you add what sells the area in terms of amenities and transport?

Quick update, reduced price to £425k and have had two viewings booked in!

Thank you for the advice, I think the drop has meant the flat is shown in the next price bracket down on Rightmove so potentially some new buyers. Let's see what happens next.

I think you really need to underline the work you have done to the flat. Wouldn’t go amiss to have details of the new boiler etc. to hand for viewings. Sounds like the EA did the usual trick of valuing too high to get you to give them the business, then suggest a drop. Good luck.

Good luck,op. Make sure you tell the viewers all the good points that the estate agent missed.