Flat Price & Advice

robfuzzard

Hi!

I just wanted to get some people advice on our property. Our current property is our first ever buy, 50% shared ownership with the Portsmouth Housing Association and we have now been trying to sell our flat for 2 years.

Firstly here is the property we are trying to sell:

(If anyone wants the link the RightMove, PM as I cant post links as a new user)

Entrance Hall
Living Room
4.88m x 3.32m
16' 0" x 10' 11"
Living Room(2nd View)
Fitted Kitchen
2.23m x 2.10m
7' 4" x 6' 11"
Bedroom 1
3.58m x 3.20m
11' 9" x 10' 6"
Bathroom
2.08m x 2.08m
6' 10" x 6' 10"

•View of Spinnaker Tower, Portsmouth
•Short Walk From Seafront, Ferry Port, mainline train station and city centre

Secondly, here is our dilemma. We bought the flat for £49,999 about 5years ago and we put down a £5000 deposit. In that time we have REALLY done the place up. Re-carpeted, painted from a luminous green/turquoise to nice off-white and in short, just really made the place look loads better than when we bought it. In 2007 we discovered we were having a baby and a one bedroom, third floor flat isnt ideal so we put the flat on the market with Cubitt & West for £60,000. Shortly afterwards the big problems in the housing market started and we had lots of problems with C&W so decided to change to Halifax and re-price at £55,000.

Now, ever since Jan 2008 we've been with Halifax and we have not seen any interest. We've decided to change to Fox & Son's for a fresh start but we're worried about the pricing. Ideally we would love to sell quickly but we cannot afford to drop our price or we wont be able to pay the fee's etc.

Do you think the only way we'll sell this place is by dropping the price more and getting ourselves into a sticky situation or do you think wait and hope with our current price? Also, any hints in to how to sell a 50% shared ownership or any tips on how to make sure estate agents are doing a good job would be massively appreciated.

Thanks so much!

inspector_monkfish

easiest way to solve your problem would be to sell the child ;)

ILW

You have had it on the market for 2 years and no interest?
Think it may be a tad overpriced.

ad9898_3

I think your struggling, any mention of shared ownership on this board get hoots of derision, and rightly so, its an artificial way of keeping prices high, not only that but your trying to sell the kind of property that is least wanted at the moment, I think I have to go with monkfish on this one.:D

Cannon_Fodder

What did the last one in the block sell for, when?

Check with www.houseprices.co.uk and http://www.nethouseprices.com/index.php?con=Search-Sold-House-Prices

Might also be worth posting in the House Buying, Renting and Selling forum...


For info, Land Registry shows;

[IMG]http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/default.asp?g=1&gt=1&a=Portsmouth&s=01 April 2003&e=01 April 2009&t=1[/IMG]
i.e. back to the before the 5 year point, plus a bit for redecoration...

geoffky

oh dear...try thinking why in two years it has not sold....price maybe?

Dan:_4

The market is slowly improving, hold out and you will get your price.

geoffky

in the next decade i reckon..

Dan:_4

geoffky wrote: »

in the next decade i reckon..

you reckon, or your hoping???

nearlynew

ad9898 wrote: »

I think your struggling, any mention of shared ownership on this board get hoots of derision, and rightly so, its an artificial way of keeping prices high, not only that but your trying to sell the kind of property that is least wanted at the moment, I think I have to go with monkfish on this one.:D

It is sad that people like the OP have been duped into beleiving that buying into one of these share schemes was the only way they would ever be able to afford a "place of their own", and that HPI would always come to their rescue.

With the HPI safety net removed the scheme is revealed for what it is.......

A con and a trap.

It preyed on people's insecurity, their lack of financial awareness and their fear of "missing the boat"

Another shameful example of the social and economic poison which is HPI

geoffky

dan ..i reckon...i will be buying in may next year so no hope on my part...
.why because i can afford the losses that will becoming having no mortgage
but the wife is getting restless and bless her has been paitent youngest goes to new school next September so will be moving near a good one..