No viewings on flat

Hasbeen

x_malibubabe said:

Hi guys, I wondered if you could please give me some advice. 

Our property is on the market and we’ve already had to reduce the price by £5k. We haven’t had a single viewing since we listed it. I understand price is normally the first thing that puts people off but I would have thought we’d at least have had one viewing by now. My flat is the cheapest on the market in my area. 

I’ve purposely left some information out to see how easily accessible it is as someone looking online to buy. I’ll answer more about this if/when discovered.

Is there something wrong, or is the property market just that slow? I see properties going on the market and sold SSTC rather quickly so it is moving in my area. 

Postcode SO40 3LX it should be the only one that comes up. £135k.

Thanks in advance. 

Sorry OP Have not looked through all comments. 
Inside views are good, picture about adequate, as some mentioned some alteration in furniture layout could improve.

Outside perhaps is the part that puts buyers off, no garden, only large bits of tarmac parking. Not great visually, pub carpark springs to mind, some green at side and wilderness hedge at front? SORRY.

Management fees at £1750 per year. Ouch!

If price paid in 2018 was £117500?  then would put on market now at £125000 and try and get £120000.

My opinion only. Hope you get it sold.  

lisyloo

Crashy_Time said:

AdrianC said:

RelievedSheff said:

Crashy_Time said:
As pointed out though people just go to the park, this was my back garden during lock down....

Access to countryside is not the same as having your own outside space. Especially during the lock down we have just had where access to public outside space was severely limited.

Indeed. We're very close to similar "park"land...

But the park authorities closed it off completely. Not that we could have driven there legally anyway until a week or two ago.

Sure, but it is open now? People have very short memories, they will just crowd onto beaches and drink lager in the park now, that is easier than raising the deposit for a house with garden, there won`t be another "Stay at Home" moment IMO, not unless it gets really bad, and by then most people wouldn`t need to be told to stay in anyway, but I can see shutdowns of flights/retail/hospitality being an easy/necessary move for governments who need to be seen to be taking some kind of action if it spikes. The idea that against the backdrop of economic damage caused by all the shutdowns people will be running around trying to outbid each other for gardens is more than a bit laughable TBH, IMO the "Must have garden and space!" thing will be as short lived as "Must buy 300 toilet rolls every time I go into a shop in case they run out" thing. If it gets really bad gardens will be the least of our worries anyway.

Economic damage is generalised. Some people are doing great and some getting early inheritances.

Of course they will bid over the nicer properties and right now that means gardens.

It might pass it might not who knows. We could easily be in a similar situation next spring/summer.

Although there are pockets at the beaches/protests on the front pages, Lots of people are voluntarily staying at home because of either rational fear or irrational. Most middle aged people have elderly parents to consider.

Maybe it will be short libed, maybe it will be the least of our worries, but right now those with stable jobs (civil service, healthcare, teachers etc.) or inheritances will continue to bid on the nicest properties.

To pretend no-one has any money is ridiculous. Some people are far better off and in some cases that's through an early inheritance and those people will continue to buy if they want to.

All of us can access countryside but even those in central london but a garden is private so there's a massive difference.

theoretica

What does the agent say?

It seems to me that the main selling point is price for the location - there isn't really much point in discussing how much easier it might be to sell if it were a different property with a lovely garden etc.  So I would think it sensible to make the price as eye catching as you can and advertise without leaving much scope to be negotiated downwards.  You previously accepted £120k - how much did you spend to extend the lease?

Crashy_Time

ProDave said:

I had a chat with our local estate agent this morning.  She tells me that since the re opening of the property market they have had plenty of viewings and several offers for houses with gardens,  But not a single viewing of any flats.

Is that hundreds of people we are talking about, or dozens?

Crashy_Time

lisyloo said:

Crashy_Time said:

AdrianC said:

RelievedSheff said:

Crashy_Time said:
As pointed out though people just go to the park, this was my back garden during lock down....

Access to countryside is not the same as having your own outside space. Especially during the lock down we have just had where access to public outside space was severely limited.

Indeed. We're very close to similar "park"land...

But the park authorities closed it off completely. Not that we could have driven there legally anyway until a week or two ago.

Sure, but it is open now? People have very short memories, they will just crowd onto beaches and drink lager in the park now, that is easier than raising the deposit for a house with garden, there won`t be another "Stay at Home" moment IMO, not unless it gets really bad, and by then most people wouldn`t need to be told to stay in anyway, but I can see shutdowns of flights/retail/hospitality being an easy/necessary move for governments who need to be seen to be taking some kind of action if it spikes. The idea that against the backdrop of economic damage caused by all the shutdowns people will be running around trying to outbid each other for gardens is more than a bit laughable TBH, IMO the "Must have garden and space!" thing will be as short lived as "Must buy 300 toilet rolls every time I go into a shop in case they run out" thing. If it gets really bad gardens will be the least of our worries anyway.

Economic damage is generalised. Some people are doing great and some getting early inheritances.

Of course they will bid over the nicer properties and right now that means gardens.

It might pass it might not who knows. We could easily be in a similar situation next spring/summer.

Although there are pockets at the beaches/protests on the front pages, Lots of people are voluntarily staying at home because of either rational fear or irrational. Most middle aged people have elderly parents to consider.

Maybe it will be short libed, maybe it will be the least of our worries, but right now those with stable jobs (civil service, healthcare, teachers etc.) or inheritances will continue to bid on the nicest properties.

To pretend no-one has any money is ridiculous. Some people are far better off and in some cases that's through an early inheritance and those people will continue to buy if they want to.

All of us can access countryside but even those in central london but a garden is private so there's a massive difference.

Early inheritance, then boom your job is gone, where does that leave someone? People were getting inheritances before, what difference does that make? I never said NO ONE has money, I said that the drivers of over-bidding for country/garden property i.e city/London equity and loose cheap credit (High LTV) are negatively affected by recession/depression therefore I think the notion some posters have that there will be some kind of boom, somewhere, Come Hell or High Water, is misplaced. I think most people would be better off just accepting that the property boom is over.

ProDave

Crashy_Time said:

ProDave said:

I had a chat with our local estate agent this morning.  She tells me that since the re opening of the property market they have had plenty of viewings and several offers for houses with gardens,  But not a single viewing of any flats.

Is that hundreds of people we are talking about, or dozens?

She did not quantify, but more viewings and more sales than in a normal market pre Covid.

Crashy_Time

ProDave said:

Crashy_Time said:

ProDave said:

I had a chat with our local estate agent this morning.  She tells me that since the re opening of the property market they have had plenty of viewings and several offers for houses with gardens,  But not a single viewing of any flats.

Is that hundreds of people we are talking about, or dozens?

She did not quantify, but more viewings and more sales than in a normal market pre Covid.

So more sales than 1998-2001 then?

x_malibubabe

I’m going to bypass those of you discussing house prices and green areas. We’ve managed fine without a garden as new forest and lakes on the doorstep. 

Our flat is the cheapest by far of only about 5 listed in the area, those non-retirement 2 beds for £140k are in rough areas, they also come under a different council. 

View from bedroom window is a main road overlooking a bus stop and other flats so nothing interesting to look at from any window - but who sits staring out of their windows?? 

Re what we paid: We paid £117500 for an empty dump that had never seen a cloth or sweeping brush with a 74 year lease, previously accepted £120k after doing it up, cash buyers and anticipated a quick sale but they had more money than sense and clearly knew nothing about renting property out. 

Reason for price increase is there’s an extension to the lease on completion which is costing £10k plus legal fees. 

I mentioned this thread to my husband who pointed out that when we originally listed it with a low lease, crap photos and priced at £134,950 (different agent, not our choice to go on so high) we had plenty of viewings, so the price obviously wasn’t putting people off. It’s obviously covid that’s affecting it. Agent had no backbone when it came to negotiation hence ditching them. 

I thank you all for your feedback but as it happens we have a local landlord interested so fingers crossed. Failing that, we’ll just wait it out ☺️ We’re in no rush to move, marketing after 2 years was always our plan, but nobody could predict a pandemic. 

GDB2222

Well, you seem to have your head screwed on, and you probably anticipated what might best be termed a wide ranging discussion. As others have said, it doesn’t matter whether lack of outdoors space is an issue, as you can’t magically provide that. So, I agree with you on that.

I hope your local landlord's interest turns into an excellent offer for you.

RelievedSheff

Crashy_Time said:

lisyloo said:

Crashy_Time said:

AdrianC said:

RelievedSheff said:

Crashy_Time said:
As pointed out though people just go to the park, this was my back garden during lock down....

Access to countryside is not the same as having your own outside space. Especially during the lock down we have just had where access to public outside space was severely limited.

Indeed. We're very close to similar "park"land...

But the park authorities closed it off completely. Not that we could have driven there legally anyway until a week or two ago.

Sure, but it is open now? People have very short memories, they will just crowd onto beaches and drink lager in the park now, that is easier than raising the deposit for a house with garden, there won`t be another "Stay at Home" moment IMO, not unless it gets really bad, and by then most people wouldn`t need to be told to stay in anyway, but I can see shutdowns of flights/retail/hospitality being an easy/necessary move for governments who need to be seen to be taking some kind of action if it spikes. The idea that against the backdrop of economic damage caused by all the shutdowns people will be running around trying to outbid each other for gardens is more than a bit laughable TBH, IMO the "Must have garden and space!" thing will be as short lived as "Must buy 300 toilet rolls every time I go into a shop in case they run out" thing. If it gets really bad gardens will be the least of our worries anyway.

Economic damage is generalised. Some people are doing great and some getting early inheritances.

Of course they will bid over the nicer properties and right now that means gardens.

It might pass it might not who knows. We could easily be in a similar situation next spring/summer.

Although there are pockets at the beaches/protests on the front pages, Lots of people are voluntarily staying at home because of either rational fear or irrational. Most middle aged people have elderly parents to consider.

Maybe it will be short libed, maybe it will be the least of our worries, but right now those with stable jobs (civil service, healthcare, teachers etc.) or inheritances will continue to bid on the nicest properties.

To pretend no-one has any money is ridiculous. Some people are far better off and in some cases that's through an early inheritance and those people will continue to buy if they want to.

All of us can access countryside but even those in central london but a garden is private so there's a massive difference.

Early inheritance, then boom your job is gone, where does that leave someone? People were getting inheritances before, what difference does that make? I never said NO ONE has money, I said that the drivers of over-bidding for country/garden property i.e city/London equity and loose cheap credit (High LTV) are negatively affected by recession/depression therefore I think the notion some posters have that there will be some kind of boom, somewhere, Come Hell or High Water, is misplaced. I think most people would be better off just accepting that the property boom is over.

Oddly, or perhaps not, the news seems to be reporting completely differently to you.

It will take a few months for the sold prices to filter through onto the Land Registry but agents are reporting a "property boom" is in process and prices are rising not falling.

It will really pain you in a few months when these figures are available wont it?