Lots of viewings, no offers...what now?

puddy

well, lovely house, looks like a huge front garden which presumably wraps round the side

estate agent hasnt done a great deal of work on the blurb (ie there is none) but thats not a problem obviously because OP is getting viewings, i can only see that its down to price and parking, one of those would have to chnage.

its near several tube stations

parallax_20

You need to ask for more feedback from the agent after each viewing to find out what exactly is putting buyers off. I would also try multi-agents too, it will open your property to a wider audience and can get agents working harder for their commission, although it can work the other way too. But at least you will be in a position to change agents as and when you please if you feel their efforts are not good enough. We had 2 or 3 agents trying to sell our house after our sole agent failed to attract buyers. You have nothing to lose in doing it other than paying slightly more commission than for sole agency.

Good luck.

Cannon_Fodder

I'm assuming London from the mention of several tube stations...although the £195k original price sounds cheap for London in the boom.

Prices are -6.3% down in the London area, on two years ago.

That means the £195k paid becomes £183k. And that's before the parking was lost, which has to be -£10k or so - counteracting the refurbs.

[IMG]http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/default.asp?g=1&gt=1&a=London&s=01 January 2008&e=01 February 2010&t=1[/IMG]

Everything has its price. If the hill is steep/parking awkward/something else, someone will pay for it - just like you did - if the price is right.

If you cannot go under £190k, you are going to have to rent it out, which means finding the deposit from somewhere else - is that likely? And if you have 25% equity in it to turn it into BTL?

puddy

OP, its ok, have found it on street view. I see that it would be a huge job, why dont you get some quotes at least to see how much it would cost. is there any possibility of you doing a lot of the hard work, non techincal stuff to save some money (if its at all possible to put a drive in)

azkaban420

CF it's not London, out of London, last stop on Met line. Not enough equity really, but what I mean is if I sell it for less than £190, the amount I will get from the house will not be significant enough and I'll be better off trying to beg/borrow/steal the full deposit somehow...difficult, but can be done if push came to shove. £10k- for loss of on-street parking is my point exactly. All the council have to do is remove part of the double-yellow lines to allow some parking and the problem would be partly solved!!

Jenner, I've had a couple of people look at it and they said it would be a big and difficult job, the biggest cost being getting a truck to get rid of the soil removed from the bank etc. I will try and get some proper quote though, so that I know where I stand, thanks.

azkaban420

Hi all, just to let you know, I asked a guy to come and have a look at the possibility of making a driveway upto my house a few months ago and at the time he said it was possible but an awful lot of money, so we left it at that. I rung him just now to ask him what was the price he had in mind and he said £100,000 !!!!!!!!!!!!!!!!!!!! He said as it would need designs, no idea about drainage/sewage systems running through the bank that would need to be changed/moved etc, and even if there wasn't any of that kind of work, he said it would be about £60k!! I told him I could buy three houses with that kind of money LOLL!! He was obviously talking from another planet but as you can imagine, if he's quoted that kind of ridiculous amount, it means the driveway is difficult to make!! Gonna go ring some people who live on this planet now....!

NAR

With regard to the yellow lines have you lobbied your own councillor and your MP, detailing the reasons why half a dozen parking spaces should be left in place. If not I would do so quickly. Also lobby support from your immediate neighbours who could also benefit from removal of the yellow lines.

azkaban420

Hi NAR, yes been doing that for months and continuing to apply the pressure, but it falls on deaf ears usually...

Cannon_Fodder

But you need equity in it to convert to BTL for renting out. So lack of equity is going to stop both plans. Any cash you come up with as a deposit will have to be used to boost equity to turn into BTL. Leaving you homeless?

Bucks? Well that's -10.5% down from two years ago.

£195 -10.5% = £174.5k. If the parking issue balances the refurbs...you are not going to get near to £190k, imo. For info, Herts is at -9%.

It is still a buyer's market, despite recent price rises, because what is selling is all the good stuff - while the property with "issues" is being left to fester. Obviously the parking issue is quite major.

NAR

Was there any consultation or notification about the yellow lines being put on the road. If not might be worth investigating legal position regarding them.