Worried about limited number of viewings

Owain_Moneysaver

Well, it's a lovely looking flat, so if you want it to sell before any of the others available, it has to be priced cheaper. And there's quite a lot available at around that price point, including 2 bedrooms for the same or hardly any more.

ILW

I would have thought that a doss house opposite would have devalued by about £25k compared to similar in the area. Does sound a rather optimistic price.

brightondebs

Thanks for all your replies. The reason our flat is priced much higher than the other one beds in the area is because it is HUGE. The size of a two bed actually. We have had feedback from viewers that our price is ok (one said 195000 one said 200000). I looked at close to 50 flats in Brighton before buying this one and believe me it's quite unique for a one bed in Brighton: massive lounge, separate kitchen, floor to ceiling windows in every room and a large family bathroom. I think that is the problem - we're at the top end of the market. There are some other one beds in Brighton for this price though.

In terms of the lease, our freeholder have said they're happy to extend for any new owner in the two year stand down period. Also mortgages are only an issue under 70 years. We know it will still put people off though.

Perhaps our USP is the size and we should be emphasising that? Getting square footage on the floor plan seems a good start.

nollag2006

You should have your EA emphasise to buyers that you are happy to negotiate over extending the lease. I bought a couple of flats last Spring, both with short leases, and had the vendor extend them by 50 years as part of the negotiation. It might be best to pre-empt that.

As for price - Brighton has done very well over the past few months and so I wouldn't be in a hurry to cut it.

Indeed, the latest Nationwide report (30th June release) identifies Brighton as one of the towns with the strongest property market in the UK:
http://www.nationwide.co.uk/hpi/historical/Q2_2010.pdf

This time of the year is always quiet, what with the school holidays coming up, the footie, and the glorious weather. People are not so inclined to be trudging around viewing houses at this time of the year, unfortunately.

mufi

nollag2006 wrote: »

This time of the year is always quiet, what with the school holidays coming up, the footie, and the glorious weather. People are not so inclined to be trudging around viewing houses at this time of the year, unfortunately.

Sorry, but I really don't buy this argument: there is no greater footie fan than my beloved, but we've managed to squash in buying a house between matches. Remarkably, we've also managed to combine it with a spot of light sunworshipping. And if we still had young children, I don't imagine the school holidays would have made an atom of difference to our plans either.

The economy is probably about to go even more horribly wrong, even the most optimistic estate agents are admitting that property prices are likely to head south in the next year or two, lenders are not doing their job and lending, and interest rates are probably heading upwards. Added to these woes, houses are still flooding onto the market following the abolition of the HIP...

nollag2006

mufi wrote: »

Sorry, but I really don't buy this argument: there is no greater footie fan than my beloved, but we've managed to squash in buying a house between matches. Remarkably, we've also managed to combine it with a spot of light sunworshipping. And if we still had young children, I don't imagine the school holidays would have made an atom of difference to our plans either.

The economy is probably about to go even more horribly wrong, even the most optimistic estate agents are admitting that property prices are likely to head south in the next year or two, lenders are not doing their job and lending, and interest rates are probably heading upwards. Added to these woes, houses are still flooding onto the market following the abolition of the HIP...

Interesting rant

Do you have any evidence for these assertions? Any published references to the EA statements, for example?

The OP is based in Brighton - one of the hottest property markets in the country according to the independent report that I've linked to above.

House prices are ramping up nicely there, and in an affluent area with low dependency on the public sector, any goverment cutbacks are likely to have a very muted effect

mufi

nollag2006 wrote: »

Do you have any evidence for these assertions? Any published references to the EA statements, for example?

Read today's quality newspapers. Long articles in both of mine, featuring the views of assorted estate agents.

Any evidence, perchance, that the occasional football match/sunny weather/little darlings starting their interminable hols are affecting sales?:rotfl:

brit1234

nollag2006 wrote: »

House prices are ramping up nicely there, and in an affluent area with low dependency on the public sector, any goverment cutbacks are likely to have a very muted effect

Nollag what area do you live in with these rises? Just interested to monitoring this downturn to see the rate it is spreading out.

Personally its early days of the downturn, it may take a few more months to become pronounced in all regions.

mufi

nollag2006 wrote: »

House prices are ramping up nicely there,

Despite no longer having a mortgage, and having made a few bob over the years on property, I would suggest that 'house prices ramping up' is not necessarily 'nice'. It's never been easy to buy one's first property, but for FTBs now it must be a nightmare; I feel damn sorry for them.

nollag2006

brit1234 wrote: »

Personally its early days of the downturn, it may take a few more months to become pronounced in all regions.

Really?

Well - it sure isn't turning down in your part of West London. According to the same report, house price inflation has risen from 3% to 11% in Hounslow borough over the past 3 months.

:eek::eek::eek:

Unlucky !!

:rotfl: