Why isn't this property selling?

Running_Horse

Offer it for £1 and sell it immediately.

Price it at £1million and it will never sell.

Somewhere between the two is a price that will find a buyer.

WelshNic

auroan wrote: »

I'm not viewing it in FTB eyes. It was an example only. Do you seriously think a lot of people have £400K to pump into an over priced house ?

Read back what you posted.

auroan wrote: »

!!!!!! !!!! It's not selling because of the price.... end off. You would need a deposit of £79,500 just for a 90% mortgage. I can't even find a mortgage company online that would quote (even putting in a salary of £200K) monthly payments for remainder.

Put in perspective......for £135K mortgage on a house valued at £150K, I've been getting quotes of £764 and above per month. Roughly extrapolating that out (£700K mortgage), means a monthly payment of £3820.

How many people can "afford" that a month ?

Sorry, but in that area especially, the sort of buyer that would buy that sort of property would more than likely be mortgage free after downsizing to help their kids out. They won't be looking for a 90% mortgage. The property ladder is called so for a reason.

KateLiana27

The houses seem rather squashed together which would put me off. For the better part of a million pounds, I'd want a bit of breathing space! The seller obviously can't do anything about that, but it may be a reason it should be priced less than comparably sized and fitted houses that are more spaced out.

The dark garage door and dark windows make the house look very gloomy and dark from the outside compared to all the other neighbours when you look at streetview. Consider painting the garage door? I second the hanging baskets and plants idea. Definitely remove the car - I'm a big fan of old bangers in general but not when trying to sell a house.

I actually think it's lovely inside and in the garden, other than a few bits (like the bathroom) starting to look dated.

I'd make a few cosmetic changes and take better pictures, reduce the price, but still expect to have to be patient to find a proceedable buyer in this market.

PJD

All comments noted, and feed back sent back. Many thanks, - some of the comments here are very helpful and constructive, - thank-you again.

jungle_jane wrote: »

Number 28 sold recently for £660,000. Number 10 sold for £499,000 in February.

Number 28 is actually being gutted, - it's a complete state.

Number 10 was an old neglected bungalow, - it has now been flattened by developers and they're building a brand new house on that plot.

WelshNic

PJD for the amount of money involved I'd ask them to consider new windows if the existing ones can't be painted, they really do make the house look dull. Same with garage door and just generally dress the outside up a bit, get some pots/colour/baskets going, would make a big difference to first impressions

dopester

WelshNic wrote: »

Read back what you posted.



Sorry, but in that area especially, the sort of buyer that would buy that sort of property would more than likely be mortgage free after downsizing to help their kids out. They won't be looking for a 90% mortgage. The property ladder is called so for a reason.

The issue with that, the house in question is on one of the highest rungs. There are a very limited number of people who have houses up for sale, and actually selling at the £1m+ mark, to downsize to a £795K house and release some funds to help kids.

For all of 2010, there were only 8,000 properties sold with a price higher than £1 million pounds (by individuals). Onto the next tier, there were only 3,000 sold over £2milllion pounds during 2010 (by individuals), and that is entire UK.

Source: HMRC http://www.hmrc.gov.uk/stats/survey_of_prop/16_4.pdf

What you suggest is what I think this seller probably wants, to downsize and release capital. It's hard but not impossible finding a downsizer to a £795,000 property, and it's a big leap up for many upsizers in terms of price.

PJD

WastingMyTime wrote: »

Prefer this one http://www.rightmove.co.uk/property-for-sale/property-30334327.html?premiumA=true and its 20k cheaper.

Price range £775k - £850.

It's only 3 bedrooms.

It's a smaller house.

No fitted wardrobes.

The garden looks really big in the photos, but it's actually not much bigger than my friend's house.

PJD

jonny_power wrote: »

the bathroom is hideous - consider redecorating.

The photos really must be mis-leading then, as the bathroom is lovely! It's gorgeous, and very modern!

I dont think any of the photos do this house justice, - it's a gorgeous house and a lovely place to be, - finished to a high standard.

Everyone who comes into the house especially comments on how lovely the bathroom, the lounge and the kitchen is especially.

When properties are being brought in this road for £550,000 just to be knocked down (!!), it should give you an idea of the price of this location

PJD

The house opposite is up for 1.1 milllion

Mr_Thrifty

Basically, it's just butt ugly. 800 grand, and it doesn't even have a front garden, just a tiny bit of parking on a brickwork driveway? It looks like someone has over-built or over-extended a small house on an OK-sized but nothing-special plot of land. 800 grand and you're slap bang next to neighbours like that? There is only about 6 inches either side of the house between the walls and the garden fence! Might as well be a semi. You would expect the garage to be detached for that price. And the driveway looks like it's about 10 foot long. Plus the house looks a bit "in yer face" if you know what I mean... like it's all show and no substance. Basically a smallish, over-extended house pretending to be a big one. Except it doesn't have the huge front garden to match and is crammed up tight against neighbours on both sides.

Just because they've spent a small fortune on their furniture (e.g. the fridge freezer, cooker, bathroom suite, the trendy sofa, the fancy lightshades and that little sign hanging up in the kitchen next to the fridge [a sure indicator of high maintenance people if ever I saw one!] ), it doesn't mean somebody's going to pay a premium for the house.

The front door looks weird, too... looks more like patio doors than a front door. And it suggests that there's either no porch, or the porch is sort of inside the house itself, which would be weird. It's all sort of weirdly semetrical and slap bang right in your face, as if it has something to prove.

Basically it all just looks a bit cramped for a 800K house. And lets not forget it's not in the best location, either. Loughton may well be a very nice area, but the house is still 1.2 miles away from the nearest train station. Hardly convenient. And if you've got to drive to the station every morning and pay £7/day for day's parking, then frankly you might as well live right out in the remote reaches of Essex where the commute will take more or less the same amount of time and you can get way more land for the money.

Rather than paying 800 grand for a Ramsay Street house miles away from the station in a not-exactly-brilliant part of the country, you could buy a huge house with proper land further out, or a similar sized house in a much more convenient and more desirable area closer to London for the same price.

So, overall, it's too expensive for what it is.