Struggling to sell my home

[Deleted User]

Is this it https://www.rightmove.co.uk/property-for-sale/property-95511782.html

The living area has quite large furniture in it, making a small lounge area look even smaller.  I'd personally try to swap the two piece for something less deep (less than 1m deep) but the lounge area will still be fairly small.  Otherwise not a lot you can do (maybe get rid of the red ottoman in bedroom).  Superficial stuff.  Can't do anything to get rid of main road though.

Its probably a price issue.  But what you do about that depends on how much you want to move of course and you've indicated you'd rather stay to pay off more equity so when you do sell there is less of a hit.  Selling two years after buying is, I am afraid, risking a big hit on the price, particularly now when when what you are selling isn't as desirable as it was when you bought it.  You may have to wait a couple of years, paying off as much as you possibly can. But while its not going to make you jump for joy, its not forever.  Did you take into account, when working out what it was worth losing to sell, the effect of no SDLT on your next property?

Black_Cat2

Hanbal said:

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?)

Nothing wrong with your listing imo, all neat and tidy.  As others have said I guess it may be your price that is the problem.  Not even remotely good with house prices etc so would wish you good luck 🤞

AdrianC

https://www.rightmove.co.uk/property-for-sale/property-95511782.html

It's well-enough presented there, but two things stick out as being potential issues.
First is the wooden-floored balcony, in an EWS1-paranoid world.
Second is the bathroom - shower in the en-suite, bath with no screen or even curtain in the main bathroom (very quick, cheap win).

Some of the description's a bit... florid. 6.5m x 3.3m kitchen/living room "is a great social space with plenty of room for chilling on the sofa and cooking a storm in the kitchen. Large enough to entertain friends and family this is a room where memories will be made and fun time enjoyed" - given that it's the only reception room space in the flat, that's overselling more than slightly. Especially given the furniture makes it look cramped in the pic. 

Online agent is also going to put people off.

Comparables.
Even without going further than half a mile...
https://www.rightmove.co.uk/property-for-sale/property-96195803.html - £25k cheaper. Slightly smaller, no balcony - but separate living room and kitchen, albeit higher service charge/ground rent.
https://www.rightmove.co.uk/property-for-sale/property-84543148.html - your building, same layout, same price. Bath has a shower screen. Better presented - compare the feeling of space in their living room pic to yours.
...but then we get to the real showstoppers...
https://www.rightmove.co.uk/property-for-sale/property-77584327.html - IT'S A HOUSE! With a garden! And nobody's lived in it before! And it's only £10k more! The living room's not a lot smaller than yours, but there's a separate kitchen/dining room. OK, there's only one bathroom. And it's still not sold despite being on the market since February...
https://www.rightmove.co.uk/property-for-sale/property-87017012.html - Another house. A little further afield (1 mile radius, not half), but only £15k more - yet unsold since last November. Much more spacious, too.

numbercruncher8

Here is what Rightmove says about SSTC - don't see too many flats SSTC in the price range, and with 2-bed (and 3-bed houses) only at £20k or so above your asking price, it seems a no-brainer for viewers to go for that instead. The flat seems to also have wooden exterior/wooden balcony, that may be off-putting for people. If it is a small development, if there are remedial costs and they are passed on, it could be expensive.

As I see it the problem is there are a lot of flats in the wider area as well. Alton has the mainline service into London, and comparable flats are cheaper there. 

So what you are looking for is someone who doesn't commute or need the train, who is also willing to pay a premium to live in the area, and also want a flat instead of a house. That's a rather thin combination, so I think explains the interest.

If you can't drop the price, then maybe a change of agent could be worth it to a more local one. Being cynical, you could get the same agent as the other flat, as yours is a tad bigger so might win in a head-to-head.

AdrianC

numbercruncher8 said:

Being cynical, you could get the same agent as the other flat, as yours is a tad bigger so might win in a head-to-head.

The floorplan says larger floor area, but I'd be suspecting tape measure calibration as the main difference...

ElizabethRose

Looking at you're over priced this one is 25k cheaper and has a separate kitchen. https://www.rightmove.co.uk/property-for-sale/property-96195803.html

You are also against the 2 bed new build houses that are only 10k more than yours. I think you need to drop your price significantly as compared to the local area it is high.

numbercruncher8

AdrianC said:

numbercruncher8 said:

Being cynical, you could get the same agent as the other flat, as yours is a tad bigger so might win in a head-to-head.

The floorplan says larger floor area, but I'd be suspecting tape measure calibration as the main difference...

Good point.
It could be the wrong floorplan altogether - it says ground floor, but it doesn't look like it from the photos.
Another problem is comparing prices to things completed pre-pandemic. I suspect the market for flats is a bit weaker now. 

MEM62

Hanbal said:

We got 4 seperate valuations at £240,000, £225,000, £225,000 and £210,000 respectively.
The last one was a bit of an insult 

Maybe, rather than being an insult, the last valuation was the best feel and most realistic for the market. 

AdrianC

numbercruncher8 said:

AdrianC said:

numbercruncher8 said:

Being cynical, you could get the same agent as the other flat, as yours is a tad bigger so might win in a head-to-head.

The floorplan says larger floor area, but I'd be suspecting tape measure calibration as the main difference...

Good point.
It could be the wrong floorplan altogether - it says ground floor, but it doesn't look like it from the photos.
Another problem is comparing prices to things completed pre-pandemic. I suspect the market for flats is a bit weaker now. 

The two flats are one above the other. The OP's is the lower of the two, and the floor that you enter on is, I suspect, viewed as "lower ground", taken up by parking or storage.

The description of the OP's flat starts "A security controlled entrance door opens up to reveal a wide and bright communal entrance hall connecting all the properties in this block. on the first floor you find this property", and the balcony pic certainly shows it to be somewhat elevated compared to the road.

theoretica

I, personally, would be put off by being right on the main road.  I wonder if it would be worth addressing this at all - perhaps talking about sound insulation, or say if it isn't actually busy.