Can’t sell our flat

[Starlingshoes123]

Hi!

Our flat has been on the market for nearly 2 months now and we’ve had 6 views and no offers. We are trying to upsize locally but can’t proceed until we have an offer. We’ve dropped the price twice now (starting £750 which we thought was too high) - we purchased for £690, 5 years ago. It’s a lovely area with excellent schools and great amenities.

When we purchased there was a queue out the door for viewings and a bidding war. It’s the biggest garden I’ve seen in our area (based on friends houses and viewing houses to buy) which was a huge selling point for us post Covid but some of the feedback we’ve had is that it’s too big!

We are a family but we’ve had no families looking, mostly single early 30s with gifted money rather than a mortgage. Not sure what else we can do!

www.rightmove.co.uk/properties/93523506#/?channel=RES_BUY

It’s a crap market, bad time of year to list, and Purple Bricks might put people off. Two bed flats tend to be first time buys though, not family homes. Not sure why you think your viewers are unusual!

Nice layout and well presented though.

2 months isn't that long though! It is nice, but the layout is odd IMO. On the ground floor, you have the kitchen, the hall, then a bedroom, then the lounge/reception room...

Is the price you're asking a bit high? I don't know because I'm not too familiar with that area. Seems an OK price for London though. And it's quite a large flat/maisonette. (At 93 square meters.)

.

Putting it on in September, probably isn't the best time if you're looking for family buyers.

It's really lovely flat though I think you're just gonna have to be patient 🤗 because nothing much seems to be moving at the moment I wouldn't take it personally

2 months isn't very long. I know London used to mean places went before they even hit the market but not really true anymore. Also listing just before a budget always slows things down as people are nervous and want to wait to see what is announced. I can't see anything wrong really with the presentation as presumably you can't move the office into the second bedroom as you are still living there. So its a matter of bide your time or if you need to move quick reduce the price.

I'm sorry to say this @Starlingshoes123 but the video tour is a but rubbish.

I’m an estate agent- the flat market is dead, we have a number which have been on for over a year.

worst market I’ve ever known for flats especially

It’s really nicely done. I’d say two months isn’t that long in the current market. The only thing id be hesitant about is being on a different floor to my child at night if they’re younger.

How do you have a stand up shower?
Layout might not suit many. No light in basement bedroom

Flat market is just that, totally dead. It's because so many landlords are selling up and there's a glut. Give it a few years and it may pick up.

Oh on video tour a shower. Photo would be good

It's a lovely flat OP but where do you all eat dinner? I can't see a dining table anywhere

I think the photos are confusing.
It’s really unclear where the study is which is a major selling point for a 2 bed flat. Is this a converted hallway? It should be on the plans.

The wardrobe space in the master bedroom looks very sparse which makes me wonder how small the room is. (I suggest showing the proper wardrobe to show there is space).

I can’t see a dining table which puts me off if I have a family. Just show it in the photos, no matter how small.

It seems a big flat in sq footage but I suspect that includes hallways and staircases. The garden is fabulous though!

It's a lovely flat - immaculate in fact, and a gorgeous building - although like a PP I can't see a dining table.
I don't really see what else you can do - the market is just crap. Try a different estate agent, or take it off the market, enjoy Christmas, and put it back on in February.
You've got it on for £699, and bought for £690 5 years ago - I can't believe the housing market has got so bad tbh. I guess 2021 was a real property boom time.

I hadn't watched it until I saw that post, and I have to agree. It was rushed and made me feel seasick. And what on earth did they do that made the bedroom ceiling seem about 5 feet from the floor?

That and you're using Purple Bricks. That would put me off as a buyer.

Flat market as pp have said. It's a lovely flat, but what would put me off is what looks to be the unenclosed shower with what appears to be a waterfall head fitted in the ceiling (is it?). It's a personal thing - I like an enclosed cubicle and a conventional shower head.

The open wardrobe area isn't great, but again it's something a serious buyer would overlook.

The video tour is very bad. And the photos aren’t great either - it absolutely not clear from the photos that there’s a full shower as well as a bath.

The main bedroom seemingly having no space for proper storage and no clear idea where the study area is won’t be helping.

Also I don’t think families will be lining up for a place with bedrooms on different floors - lots don’t like that and would see the bedroom next to the living room as a dining room.

I’ll also be be honest that someone putting their flat on originally for 60k more than they paid at the height of high prices in 2021 would make me very concerned they were being unrealistic about pricing, and combined with purple bricks I’d be very wary.

It's lovely.
I can't make out where the front door is, or how the stairs are directed. You could improve the floorplan diagram.

It's a bad time to sell.
No telling whether putting in a downstairs lav. would gather more interest
Can you rent it out and buy another?
Do you like the location?
Could you invest in another bedroom upstairs and live there forever instead of selling?

I'm a gardener and would love a big garden, but those photos are confusing. Could you add an overview photo that has the whole garden with multiple levels in 1 shot? E.g. at the level of the upstairs neighbour's window. There's a weird filter on the outside photos, probably inside too, it's all a bit bleached out sepia. I get that you're selling a lifestyle (hello from the other side of the Lea valley) but it's not Instagram.

I'd replace the photos taken at child/hip height.

Two months is nothing. Even good flats in desirable areas are taking much longer to sell, often at a loss from a few years ago (and definitely if you take into account inflation). If you can’t afford or don’t want to ride out the slump then afraid price is the way to get rid of it. Also look at your service charges and lease length as those are factors that would definitely put me off. And yes using Purple Bricks is another hurdle - they are awful.

The flat market is really suffering and flats have lost value, it’s probably not worth what you paid for it now. Hard to take and it’s a beautiful flat, but too many flats and not enough buyers

Presentation is immaculate - it looks beautiful

But …
The photos are in an illogical order

I wouldn’t want the main bedroom and only bathroom in the basement for a family flat

It looks like you have to squeeze past the office desk area to get to the only bathroom - if someone was actually sitting down working, they would have to stand up to let another family member past to use the loo!

There seems to be no window in the main bedroom in the basement. Just some kind of light box thingy? That would be oppressive I feel and In a heatwave I would worry that room is unbearable

It is absolutely tiny for three people - kids bedroom has floorspace but only because they appear to have no wardrobe or toys!

Kids bedroom looks like it was the original dining room which has been converted. No space to eat dinner?

Id worry about disturbing the kids since the adult space is right next to their bedroom

In short: for me this is a one bedroom flat not a family home and it’s nice but I wouldn’t spend any money to acquire it.

At an interest rate of 5.35% and a 10% deposit (£69,900), the monthly mortgage on this property is £3,513

To pass standard bank affordability stress tests for a £630,000 mortgage, a buyer (or couple) needs a combined household income of roughly £140,000. In the current economic climate, the pool of buyers who earn that much and are willing to buy a leasehold flat instead of saving a bit more for a freehold house is incredibly small.

Pricey for a leasehold flat.
If I understand this right you have people living upstairs who overlook the garden?
Well decorated though.

This. It looks lovely but lots of people wouldn't want a baby or small child on a different floor and next to the sitting room and with no loo on that floor either. I'd find it hard to get past that. And where do you sit together to eat as a family? I couldn't see a dining table. Perhaps it would be better marketed without the family slant?

It’s a lovely flat. The market is dreadful at the moment. We live in a commuter village 50mins by train to London, houses in our village used to be snapped up straight away but three that are for sale which are beautiful have been on the market for months. There is too much uncertainty out there with the cost of living, job uncertainty etc.