Struggling to sell my home

NameUnavailable

It's amazing you haven't sold because apparently prices have never been higher and the UK housing market is in overdrive according to many reports. Other reports say we're heading for a property crash with rising unemployment due to Covid and the added uncertainty over Brexit.

The other issue with flats is the EWS1 scandal and forthcoming new building fire regulations which mean some flats cannot be sold for almost any price and buyers are worried about taking on a property that will incur substantial costs for fire improvments (reglardless of cladding or no cladding).

You may just have to sit tight for the time being if you're not prepared to take a bigger loss on your property.

Scotbot

No viewings indicates the price is too high, listing at 230k when 3 valuations were 225k or less was a mistake. Anyone interested will now see the price reductions and assume there is a bargain to be had. But the fact you are still getting no viewings indicates people in that price bracket don't want flats or as the agent said can't get a mortgage. The only thing you can do is reduce the price to the lowest you can accept but I suspect you won't get it.

Crashy_Time

Help To Borrow was never designed to help you make a profit on a house, it was designed to keep developers making a profit.

gwynlas

You have not posted a link despite  being asked. Dropping your asking price more than once looks desperate, Buyers can always make cheeky offers, Are you getting viewers and how is the feedback.

AdrianC

If you aren't getting viewings, there's something about the listing that's putting people off.

It might be the price. It might not be.

ElizabethRose

If you've had no requests for viewings in 2 months there is something seriously wrong and most likely the price. Post a link so others can provide feedback but the market for flats is very tough so it needs to stand out and be competitively priced. 

GixerKate

Might be time to re-evaluate your position.  If you are planning on working from home then you aren't tied to a location which means you have more options.

If you aren't getting any viewings then its likely there is something wrong with the the price and/or listing, likely both since you aren't getting anyone in through the door.

I would suggest posting a link so that the more knowledgeable on here can provide suggestions (thick skin required!) and realistically if you really want to move then you will need to be more drastic with the asking price, perhaps make it a 'no chain' by moving into rented or friends, that does make it a lot more desirable.

Good luck with the sale.

gerkin

The reality is that you paid far too much for a flat in the first place. The reason you did that was because of the HTB scheme that the government put in place to help their property builder chums, not you. If the HTB scheme was not in place, the demand for that flat would be at lower and sensible prices and you would have likely paid around 170k. As it happens you are trapped in this flat that you are desperate to get out of, the ponzi scheme is falling and the guys at the top do not have an exit.

Your options are, lower the price to sensible levels, less than 200k or stay there for the next few years and pray and hope that the market miraculously picks up and you can exit.

numbercruncher8

You can actually find it on RM from the OP's description. I won't post it though, seems like they won't be back.

Hanbal

Hi all, sorry only had a chance to reply to this now, (judging by some replies people think I'm sat here refreshing constantly :P) but a few things:

First - link to the listing on Rightmove - apparently I can't post links yet as the account is too new, so hopefully this works instead:
www(dot)rightmove.co(dot)uk/property-for-sale/property-95511782.html

There have been some flats and similar sized sold in the area since we have listed, all smaller or with less facilities than ours but still in the same price bracket as ours (210-230) so do not see the point to go under 200k to sell, that would put us in massive negative equity, wipe out our deposit we currently have, and whilst yes we may get a quick sale, would be a very bad move. Additionally, the upstairs flat has also gone on the market in the last month, they listed for 245 initially and have now dropped to 225.

I understand that a lot of people are pointing out the Help to Buy trap and in hindsight we would probably do things differently now, however that doesn't really help us now... Have also seen some comments about us wanting to make a profit, we knew we wouldn't make much of a profit anyway, as a new build flat, but lowering the price isn't a matter of making a profit - if we go any lower than 220/215 at a very tight push, then we're into negative equity, at which point we'd be better off staying here then moving, as much as we have outgrown the flat, at least this way we could continue paying off the mortgage and having less equity to pay off if we do eventually sell, as opposed to selling for far less and moving into rented, and end up paying out more in the long run (Hope that made sense?)