Can't sell 1 bed flat in Eastcote, Middlesex

Crashy_Time

Unfortunately you are in the vortex that is the bursting London property bubble, all notions of Value or Price Discovery have been warped beyond any sensible measure...this one for example has dropped it`s asking price 60k since October! Just shows the fear and damage to sentiment that Brexit brings...

https://www.rightmove.co.uk/property-for-sale/property-85682705.html

I would start your asking price at 280k and take it from there.

kazzamunga

Crashy_Time wrote: »

Unfortunately you are in the vortex that is the bursting London property bubble, all notions of Value or Price Discovery have been warped beyond any sensible measure...this one for example has dropped it`s asking price 60k since October! Just shows the fear and damage to sentiment that Brexit brings...

https://www.rightmove.co.uk/property-for-sale/property-85682705.html

I would start your asking price at 280k and take it from there.

I think that's too low for now...it's hard, this stuff. I used to wonder why my dad got annoyed about house prices - 'it's just the reality of the situation', I'd think. But when you've owned somewhere for five years and you know, for example, that it was 275 within the first six months of you owning it, then it becomes harder to accept that it's come back down to where it was 4.5 years ago when there hasn't been a recession or anything (although obvo Brexit is in some senses worse than any recession, haha). Let's see what happens with our latest gambit.

Skiddaw1

Good luck. Hopefully it'll generate a bit of interest. Cliche though it is, its the footfall through the door that counts and it only needs the right person....

markin

kazzamunga wrote: »

Of course not, but what can you do.

Are you dealing with the EA yourself, hate to say it but a rent free home ... He would be saving a fortune.


You would be better of just renting it out for a year or 2, Thats what my Cristal ball says.

kazzamunga

markin wrote: »

Are you dealing with the EA yourself, hate to say it but a rent free home ... He would be saving a fortune.


You would be better of just renting it out for a year or 2, Thats what my Cristal ball says.

Just not an option - like I said in my OP, I haven't been able to make a single decision about this flat since day one.

need_an_answer

How much is still left on the mortgage?
Does your brother cover that payment?

is it a reasonable suggestion to ask your brother and father to buy you out of the mortgage?

If they were to do that then you would be free of the place and then they could continue in their own way allowing your brother to live there and dad to wait for prices to increase.

Skiddaw1

I agree that renting isn't a good option here. Flat has become a white elephant on all sorts of levels. For everyone's sake you'd be best getting shot of it.

HCIMbtw

305 is honestly a silly price to list at imo!

think about the way filtering works on property search engines, anybody capping off at £300k maximum is missing out even viewing your property!on sites..!

fixed price it at 300, or OIRO 300... either way get it to 300 and into a search band on the site, you are missing out on views based on simple filtering..!

kazzamunga

need_an_answer wrote: »

How much is still left on the mortgage?
Does your brother cover that payment?

is it a reasonable suggestion to ask your brother and father to buy you out of the mortgage?

If they were to do that then you would be free of the place and then they could continue in their own way allowing your brother to live there and dad to wait for prices to increase.

It's come up, but my brother can't do it (can't afford it anyway, and is newly self-employed, so has to accumulate two years of accounts) and my dad won't (and maybe can't). The only way it would work is to transfer it to my brother and sink the equity and deposit into the flat so that he can stay living there and continue to pay the smaller mortgage. Apparently that is an option because he is a family member...but like...then he gets a flat and me and my sister get nothing.

Cakeguts

That flat is not in the right area for flats now. You have got a lot of competition from new flats in central Harrow with Help to Buy and near to the station and shops. There are new flats on the old Kodak site in Wealdstone and there are a huge number of new flats with Help to Buy in Wembley Park which are also nearer to the tube station and shops.



What has happened is that you now have competition from new flats that you didn't have when that one was built and when your family bought it.



The other thing that you need to know is that north west London as an area is sinking. It is becoming less popular for people with a lot of money to live in. I have been trying to work out why this is and have come to the conclusion that the area as a whole is becoming less attractive due to front gardens being paved over to park cars on. You now get whole roads where none of the houses have any kerb appeal because the front gardens have all been turned into carparks. It you get onto Lime Grove in street view have a look at the difference to the amount of green in 2019 compared to the amount in 2008. You can see the front gardens disappearing and turning into carparks. What seems to be happening is that people don't want to buy in unattractive areas and many areas are becoming unattractive because of this loss of front gardens. That reduction in attractiveness is pulling down prices in large areas of Harrow because as areas become less attractive fewer people want to buy in them and then that means that prices have to come down.



Your flat has will not have risen very much in price because of the reducing popularity of the area that it is in for all properties.



Eastcote used to be a sought after area and expensive but it isn't now. Prices are in line with the rest of Harrow now. What sells in Harrow now is big and cheap with space to pave over the front garden to park cars.


You are going to have to get the price down a lot to sell it. I would suggest that £295k is still too much. The point is this.



If you don't get any viewings it much more expensive than anyone wants to pay. So much too expensive.


If you get viewings and no offers it is still overpriced.


Viewings and offers and you have got the price about right. The offers will then tell you the market value which may be even lower.


Your price is at the stage of no viewings which means that it is very overpriced. You are going to have to reduce the price a lot to sell it. I would guess that it is going to sell for between £260K and £280k in that area as a 1 bed and with it being so far from a station compared to the flats in central Harrow.