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

noisysaver

In my area, there are 15 or so properties that have been on the market well over a year. I follow their progress closely because where I live prices are typically 45% higher than the national average.

The owners have done allsorts to make them more attractive from adding block paved drives, repaints, new brick walls, HUGE price cuts...but nothing.

The only success stories I have seen recently say since June are where people have reduced their asking price by 75-100K, or say 30-40% of the original price.

That usually gets the sales going but only if you can take a hit for such a large amount, which the others obviously don't fancy!

1 property has tried every single EA in the vicinity including trying a self initiated sale, again with zero luck.

Bottom line is, if you want to sell it, drop it to a ridiculously low price and it will go within days, otherwise it'll just sit there, possibly for years. There is a slow growing glut of houses together with no buyers. The perfect conditions for collapse or readjustment as it's being called.

geoffky

ITS just too highly priced as people who are buying know whats going to happen and who wants to be stuck in a 1bed when no one wants them as houses have become more in reach.. 1 beds are hard to sell in good times god knows how you get shut of one now...

geoffky

huntersc
you'll get a good rate and perhaps make £50k more in 3-4 years time.

DO you not listen to what the goverment have warned us...this downturn is going to be a long drawn out reccession.....4 to 5 to bottom mabe then 4 years of no growth..

pinkshoes

Stupid question, but where are the windows??? From the outside, it makes it look like the only window is that little square thing!!

TBH, I think it's the fact it's a studio means you'll find it difficult to sell, as there's such a limited market looking for that sort of thing in this current market. It's the sort of place people would rent in order to save up for a TWO bed place, so they can perhaps have a family one day!

How much are you renting it for? Perhaps, if the rent covers the mortgage, you could state the rental prospect on the rightmove advert?

neverdespairgirl

Debt_Free_Chick wrote: »

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

There's a road between them, though!

lostinrates

pinkshoes wrote: »

TBH, I think it's the fact it's a studio means you'll find it difficult to sell, as there's such a limited market looking for that sort of thing in this current market. It's the sort of place people would rent in order to save up for a TWO bed place, so they can perhaps have a family one day!

I think London possibly does have some market for studios (we hope to buy on ventually, but not in Camden probably...but, and is the point, it COULD be in Camden if it were cheap enough, and we'd be comparing a studio, not a family home but a studio, on not just the location but the distance from the City. Camdn has inconvniences (like tube entranc closurs at weekends) but is relativly central and walkable...but so are any number of places. My point is, I'd b considering pric not just in preferred or cool areas, but all practicalities with a studio for week times.

aardvaak

Reduce the price further.

tomstickland

House dressing wise, the only thing I thought was that the bathroom needed a bit more of a scrub. Buy 5L of vinegar for £1 from an Oriental food supermarket and scrub it up.

That's not going to transform its value though. As already said, if you want to sell then undercut the competition.

tomstickland

pinkshoes wrote: »

Stupid question, but where are the windows???

Windows shown on floorplan


The divots have vertically compressed the image. There's a more representative one on the badly described "virtual tour".
http://www.photoplan.co.uk/docs/interactive/lnr_royalcollegestreet.html

Yes, there is a window from the bed cupboard through to the bathroom.

Not being nosey or anything, from what I can work out, it's on the first floor and points out the back of the building.

jyonda

How much does this rent for and what price would it need to be sold for an investor to make a 7% yield? I'd work it out myself but I'm a bit of a thickie.