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

(On the more marginal stuff, if you relist I would try to include a small dining table somewhere- maybe a small round table in the bay window of the sitting room- borrow it- and lose the coffee table. Get spring bulbs in now so that your garden is looking lovely for March/April. But this is really just marginal- it's the price and the agent that are the issue. Also agree with pp that your buyer is more likely a young professional couple than a family.)

The market is awful. We have been on sale since July, we've had two viewings in that time. Fortunately we are now under offer, but it took over 3 months.

You need a clearer pic of the walk in shower. Is not obvious in pic 23
Why is there a filing cabinet in the garden? Pic 27

Having a Kids room but selling says "this flat is not big enough for a family" so that market is out

@Starlingshoes123 take your point about Rightmove but a lot of people just don't want to deal directly with the owner because it's awkward. A good EA can be a great buffer. They also push the solicitors and both parties along in terms of paperwork - it's so easy for the process to lose weeks of momentum if both parties busy with work/ kids etc. I think they'd also help you work out who to market this to because at the moment it's slightly stranded in no mans land. My feeling is that you should discount the family market and aim for YP but I'm not an EA

Why is there a filing cabinet in the garden? Pic 27

Yes- was going to say "delete this photo" because presumably it was in the little office bit and removed for the photos to make the flat look more spacious but at the moment it has a bit of a Streisand effect

And where do you eat? No dining table .
Or mark bed 2 as dining room .

@Starlingshoes123 one question, are the bunks full sized single or toddler sized? with the weird angled photos I can't tell!

Toddler size!

Filing cabinet in the garden is actually my husband's weird attempt at garden storage and not because there isn’t space for it indoors. It’s got garden tools etc but agree it’s weird!!

Ah I see, then that looks rather small, sorry.
When we had bunks for the kids we got them full sized singles (even for the 18 month old) so they would last...

your flat looks lovely but it's quite small to be honest...

It's affordability thats killed the market
You bought when interest rates were sub 2% now they are over 5%
I do actually think interest rates have peaked but will probably plateau for a few years, the 3 rate rises for the next 12 months are already priced in

Leasehold flats in London have shocking sentiment atm, only things going worse are high rise with cladding and high service charge or retirement flats

If you have to move and want to in the next few years I tjink you will have to cut your price pretty drastically, there are so few buyers of what you are selling, you need to be the best value to get the buyer

Sadly houses have well outstripped flats re price rises over the last 5 years, in some areas houses up over 50% and flat prices flat at best

It's a beautifully decorated and kept flat and the garden is a big plus (but could do with a bit of tidying) - BUT

Purple Bricks - just no.

The layout is really strange (a hazard of conversions) and that basement bedroom is not great - the ceiling height looks low and the natural light is limited..

As with all conversions compared with purpose built flats a good amount of the floor space is not really usable as it is taken up by stairs and narrow hall ways.

The floorplan isn't clear what the "utility" and strange grey rectangle next to the bathroom is - if it is a storage cupboard may be show it - storage space is important to flat buyers.

Finally as always it is the price - firstly why do you think it has gained nearly £10k in value in just 5 years of living int he flat - have you carried out any significant improvements?

It is also a bit toppy to live in Clapton TBH. As others have said another 5 - 10 mins further out on the Overground and that money would buy you a house - look at what you can get for that money in Forest Hill on the Southern end of the Overground (yes I know SE London but try it you might like it!)

www.rightmove.co.uk/properties/93775479#/?channel=RES_BUY