Been on market 4 months and no viewings!

bowieben2

Yes we had a friend phone up last weekend, they said they would email her details, they sent her about 5 properties including ours.

I'm really worried the problem is people just aren't buying. No flats in our area are selling at all, apart from 1 repossession that sold for £96k.

blondeandirish

Have you tried putting up with another EA, quite a few people have their properties up with multipul EA's, the problem with that though is that you can look too desperate to sell which in turn can put people off.
We have recently been on the market looking to buy a property and we had no end of problems obtaining a mortgage, I think this is where the problem is, Mortgages are so hard to obtain these days especially for FTB's when they are having to find deposits of £40k +. We had a £40K deposit to put on a property and were only going for a mortgage of £87K but we were turned down by one comany just because I have previously recevied housing benefit when i was living alone.
Best of luck.

decsdad

I would try and stay positive,(I know, easy for me to say)but it only takes one viewer to come along. And you will probably get the money back when you negotiate the deal with your purchase. Best of luck.

satchmeister

Yes the price is too high and the lease is only 71 years, will any bank provide a mortgage based on this? 99.999% certain they will not.

GDB2222

I'd certainly increase the lease length, as 125 years is very attractive, and the extra ground rent is not too bad. Maybe make it 100 years and some in-between GR figure? At least start the negotiations, so you can put a definite figure in the sales particulars.

Don't be too despondent. August is generally a quiet month. If there's no interest by mid-October, definitely take it off the market and try again in the Spring. It will come onto the market as 'new' property, and people will be interested. If prices are down by then generally, you'll be able to get a bargain on your new place. If prices go up, you'll be able to sell yours more easily or even for more.

Good luck!

tawse57

The Sunday Times today has a large article on a coming UK housing crash.

They interview several estate agents who are saying that the hoped for surge in buyers once August was over has not materialised.

They interview several estate agent firms who admit that house prices were over-valued earlier in the year.

They interview several estate agents who separately state that asking prices now need to drop by 20 percent.

bowieben2

Well as I said previously, we have looked into extending the lease. It costs £1 plus legal fees and the ground rent goes up to £300. If we'd had any feedback from potential buyers or our EA saying this was the problem we'd do it. Both estate agents weve spoken to had have said it isnt an issue. If other flats were selling then maybe Id accept that this is the porblem, and we'd extend it, but nothing is selling.

In regards to the article about prices need to drop 20% from valuations at the beginning of the year; im under no illusions about the state of the market. Were looking to accept £85k which is a 15% drop since the valuation we had in May. I dont have a bottomless pit of money I can throw at this, were already looking at a near £30k loss if we sell at £85k. All i want to know is were doing everything we can, if we have to drop it that 5% further we cant afford to do it and will have to take it off the market and stay put or look at other options i.e renting it out.

GDB2222

I think it's one thing to say that a neighbour told you what it cost them to extend the lease, but it would be handy to have a formal offer from the freeholder.

Horasio

I don't know the area and Yorkshire used to be cheaper than the south but I thought it was for the whole end terrace house with the garage.

The decor looks good and if I was looking for a flat there, I would be tempted.

If a lease is relatively short then it won't attract as much as one with a long lease or a freehold.

There is a pylon quite close to you as well - that can put people off

What is the building in Coal Hill Lane?

These are things I would be considering if I was interested in viewing.

Maybe you are charging too much.

inmypocketnottheirs

Well, it's not the first time it's been said, but quite simply the price is too high.

The problem is FTB's are very cautious, investors all but dried up.

I'd really recommend looking at renting it out. Go with a reputable local agent, take letsure insurances/references (https://www.letsure.co.uk) and sweat it out and wait for things to improve.