My flat has not sold - help!! any tips please???

ad44downey

385 square feet, that's the smallest 1 bedroom apartment I can remember seeing. There's bigger studio flats than that. Surely it's the price that is the issue?

Trollfever

Is it bigger than the London studio that was featured here:

http://www.norfolkandholmes.co.uk/index.php

aurora_borealis_2

Make a spectacular bed.

BHS has some fantastic sets - duvet cover, comforter and masses of cushions. Position the pillows outside the bed.

huntersc

Honestly, forget tea towels, plants, lights or any other kind of magic dust. Here's the rub, you have a very small niche of people who will buy your flat.

The first is the Londoner who wants to have a small place in London for during the week and wants it close to transport so he can get in and out of London to go to his house in the Cotswolds at the weekend.

The second type of person is similar, it's someone that works from home outside of London and needs to be in a couple of days a week and needs somewhere he can stay.

The third is the young professional that wants to be central but cannot afford other more central and snazzy areas. Because it's a studio it's unlikely to be bought by a couple.

The top two are not buying at the moment. The third, the young professional would like to buy but can't because of deposit and mortgage etc.

Let's break it down.

FTB buying at £225k
Deposit = circa £45k
£12k for costs inc stamp
Initial amount needed £57k
Mortgage required £180k
Wage needed for mortgage = £60k

Let's assume that a single chap wants to buy the flat and earns £60k, plenty of those around. The question is, do they have the £57k deposit? They're unlikely to have capital from a previous sale (otherwise why move into a studio?) So at that price maybe 1 in 100 people who look at it could afford the mortgage, one in 1000 have £57k to spend right now. I had exactly the same problem once, I had a horrendously expensive flat that took me ages to sell. That was at a good time with low interest rates too.

I think you'll sell it, I know the area, it's nice, but you need to be patient because the people you need to buy it just aren't around at the moment or simply don't have the deposit. I think your price of £225k is actually very good. Looking at other flats in the area I'd probably buy yours before any on Pancras Way for example. How badly do you need/want to sell? If you really want to get rid quick then undercut everyone else, stick it on for OIE £199k. Otherwise rent it out, you'll get a good rate and perhaps make £50k more in 3-4 years time.

ruggedtoast

Interesting. A year ago that would have been on the market for about 3 days before youd get an offer from someone.

Camden is a bit of a specialist area , while some people think that setting foot there is about the coolest thing that can happen to a human being, quite a lot of other people are aware that its a bit rough. Essentially you'd be looking at selling to an investor, not many of them around at the minute, or a young couple who like Camden. Its very unlikely to appeal to Cityboys also.

Theres plenty of Camden fanatics around though (about two thirds of Goldsmiths student population would eat their own feet to have a flat in Camden), if you eliminate the ones who dont have jobs however you're most likely looking at a couple who could obtain a mortgage for, at most £200k.

Dinah93

Hi, I can not comment on the price other than to say if you want to shift fast, dropping it is the quickest way to do it. The comments made above re who can afford it and why are very pertinant.

It's nice and light judging by the photos, and while it does seem cold, personally thats the style I would want in a flat of this size. Is there any storage you could emphasise? Possible put some shelves up in the ulity room that is shown on the floor plan. Looking at the photos my biggest sticking point would be the bathroom, the rest is so smart and well finished, and the bathroom looks a bit more 'loved'. I'm not sure whats under the sink but it looks grubby, possibly old pipes? If I was spending this sort of money on a flat, I would expect there to be no 'little jobs' that needed doing, the finish should be imacculate.

tessie_bear

hi we found companies who buy property in the local paper within the property section (at the back) not with the agents.our agent also suggested putting it for sale saying stamp duty paid by vendor or (gulp) vendor pays 5% deposit he said this helps people who can get a mortgage but havent got any real money.we didnt have to do it but i thought as we had the money we could use it to shift a house we really didnt want..............do u really need to sell ?could u cary on renting for a bit until things improve ?:rolleyes:
tessie

neverdespairgirl

By the way - the Eurostar goes from St Pancras, not King's Cross!

summermummy

I think for a studio the price seems high even for central London. If you can not lower the price significantly - some properties are selling at 10% - 15% below their original market values according to estate agents, consider a rent to buy option. This would allow you to sell the property over a longer period of time whilst receiving market value for your property.

If you have a lot of equity this option may not suit. To find out more research

Try www.firsttimebuyernetwork.co.uk
Or www.rent2buy.co.uk


There are also other companies that offer an immediate sale if you type 'quick sale' into google.

Debt_Free_Chick

neverdespairgirl wrote: »

By the way - the Eurostar goes from St Pancras, not King's Cross!

Although they're next-door to eachother. If they were houses, they'd be link-detached! :rotfl:

http://www.eurostar.com/UK/uk/leisure/travel_information/at_the_station/terminals/st_pancras_international.jsp