Struggling to sell my home

peterhjohnson

Hanbal said:

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) 

These comparables may have been listed at 210-230 but what price did they sell at?  Many, but not all properties are listed  too high and this encourages their next door neighbours to list at similar levels. Sellers need to look hard at recent comparable sold prices on the Land Registry

Thrugelmir

Hanbal said:

We desperately want to move before March due to the stamp duty holiday. 

Don't panic. House prices may soften yet. Save you more than any reduction in stamp duty. Be prepared to relist in the spring. Market naturally quietens in the autumn this year maybe even quieter than normal given the broader economic climate. Keep paying down the mortgage and building your equity. 

rik111

Either cut your losses now and sell at a reasonable price, maybe go and see the agent that correctly valued it at £210,000. Or wait it out chase the market down, the biggest drops in property prices are guaranteed to be extortionately priced 2 bedroom flats, One beds always sell to investors and you’d have to have rocks in your head to buy a 2 bed flat over a house, the saving in service charges alone would pay the tiny bit extra for a house.

Scotbot

Thrugelmir said:

Hanbal said:

We desperately want to move before March due to the stamp duty holiday. 

Don't panic. House prices may soften yet. Save you more than any reduction in stamp duty. Be prepared to relist in the spring. Market naturally quietens in the autumn this year maybe even quieter than normal given the broader economic climate. Keep paying down the mortgage and building your equity. 

I too think prices will go down so if you are upsizing you will be able to sell for less. As for the stamp duty holiday don't assume rates will go back to the same level as before, especially at the lower end of the market. High SDLT reduces transactions which in turn reduces treasury revenue. 

rik111

Scotbot said:

Thrugelmir said:

Hanbal said:

We desperately want to move before March due to the stamp duty holiday. 

Don't panic. House prices may soften yet. Save you more than any reduction in stamp duty. Be prepared to relist in the spring. Market naturally quietens in the autumn this year maybe even quieter than normal given the broader economic climate. Keep paying down the mortgage and building your equity. 

I too think prices will go down so if you are upsizing you will be able to sell for less. As for the stamp duty holiday don't assume rates will go back to the same level as before, especially at the lower end of the market. High SDLT reduces transactions which in turn reduces treasury revenue. 

That’s all well and good but it looks like they are already or very close to negative equity so if drops by much more there is no way they will be moving anywhere.

Crashy_Time

gerkin said:

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.

Harsh but true unfortunately.