1 bedroom flat not selling - Any advice

Se99paj

I have a 1 Bedroom Flat that's been on the market for a few months but it doesn't seem to be getting much interest.
There is no chain and I think the price is reasonable considering other similar properties, it's one of the cheaper 1 bedrooms.
I'm aware the bottom of the housing market is struggling at the moment, but I'm also aware that mortgages for first time buyers are coming back.

Most advice I'm getting is to switch my estate agent, but I don't think this would make a difference because a.) It's the lack of buyers that is the problem and b.) Everyone uses Rightmove or Zoopla anyway, the actual estate agent doesn't matter a great deal.

Do people think I hold face with my current estate agent or switch and expect to see much difference.

[Deleted User]

Se99paj said:

I have a 1 Bedroom Flat that's been on the market for a few months but it doesn't seem to be getting much interest.
There is no chain and I think the price is reasonable considering other similar properties, it's one of the cheaper 1 bedrooms.
I'm aware the bottom of the housing market is struggling at the moment, but I'm also aware that mortgages for first time buyers are coming back.

Most advice I'm getting is to switch my estate agent, but I don't think this would make a difference because a.) It's the lack of buyers that is the problem and b.) Everyone uses Rightmove or Zoopla anyway, the actual estate agent doesn't matter a great deal.

Do people think I hold face with my current estate agent or switch and expect to see much difference.

Are you at least getting viewings?  If not then either you're asking too much or the photos and particulars are crap.  If you're feeling brave you could always post a link to the property.

niceguyed

Flats are very much out of favour because of the cladding/EWS1 crisis, BTL landlords pulling out the market, general complexity and expense of leasehold with service charges etc. One bed flats also have their limitations. I don't see what magic wand another EA will have to resolve the above. Exactly how long has it been on the market? How many viewings? I'm guessing no offers. If the price is reasonable then it sounds like you may need to go lower, maybe much lower as I can't see the market improving for flats across any time horizon. What you think it's worth or the EA is largely irrelevant I'm afraid. 

Crashy_Time

There is no magic wand I`m afraid, mortgage rates could soon be rising as well so it will have to be a price cut probably.

Se99paj

Lover_of_Lycra said:

Se99paj said:

I have a 1 Bedroom Flat that's been on the market for a few months but it doesn't seem to be getting much interest.
There is no chain and I think the price is reasonable considering other similar properties, it's one of the cheaper 1 bedrooms.
I'm aware the bottom of the housing market is struggling at the moment, but I'm also aware that mortgages for first time buyers are coming back.

Most advice I'm getting is to switch my estate agent, but I don't think this would make a difference because a.) It's the lack of buyers that is the problem and b.) Everyone uses Rightmove or Zoopla anyway, the actual estate agent doesn't matter a great deal.

Do people think I hold face with my current estate agent or switch and expect to see much difference.

Are you at least getting viewings?  If not then either you're asking too much or the photos and particulars are crap.  If you're feeling brave you could always post a link to the property.

I've had a 3-4 viewings in the last 2 months, I've been told there are Covid restrictions in place - So no viewings are permitted unless they have a mortgage in principle in place.
I would post a link to the property, but conscious that it is empty and I'm not local so probably not a good idea.

niceguyed said:

Flats are very much out of favour because of the cladding/EWS1 crisis, BTL landlords pulling out the market, general complexity and expense of leasehold with service charges etc. One bed flats also have their limitations. I don't see what magic wand another EA will have to resolve the above. Exactly how long has it been on the market? How many viewings? I'm guessing no offers. If the price is reasonable then it sounds like you may need to go lower, maybe much lower as I can't see the market improving for flats across any time horizon. What you think it's worth or the EA is largely irrelevant I'm afraid. 

It went on the market in September and I had a buyer within a couple of weeks, they were offering the price I have the flat for now, unfortunately that fell through at the end of November.
I get your point on the estate agents or my opinion on the value of the property, but would disagree, it isn't a number we've picked out of thin air. Its a figure that takes into consideration the existing market for similar properties and opinions/factors from various sources, sales of similar properties. I'm definitely not being greedy, today there are 71 similar properties on the market ranging from £175k to 390k, mine is the 4th cheapest at £210k.Crashy_Time said:

There is no magic wand I`m afraid, mortgage rates could soon be rising as well so it will have to be a price cut probably.

Not asking for a magic wand, just an opinion on whether to stick or change the estate agent to see if it makes any difference. There maybe no magic wands but you evidently have a crystal ball knowing that mortgage rates are going to increase

milkyj0

Does your estate agent offer the option of a virtual viewing? I was originally with an online agent which didn’t and then went to a high st EA that provided it. Might open up the market to people who don’t have a decision in principle or are anxious to view at the moment.

NameUnavailable

Covid restrictions in place - So no viewings are permitted unless they have a mortgage in principle in place.

Who told you this? It's not correct - there are no restrictions for viewing property. Whilst most agents will ask buyers what their position is there is no 'rule' that a buyer has to have a mortgage in place prior to viewing.

Where I live there seem to be plenty of 1 bed flats going under offer. Why did the previous sale fall through?

Se99paj

NameUnavailable said:

Covid restrictions in place - So no viewings are permitted unless they have a mortgage in principle in place.

Who told you this? It's not correct - there are no restrictions for viewing property. Whilst most agents will ask buyers what their position is there is no 'rule' that a buyer has to have a mortgage in place prior to viewing.

Where I live there seem to be plenty of 1 bed flats going under offer. Why did the previous sale fall through?

I've been told this by 2 separate estate agents, think its the interpretation of the rule:
We encourage buyers and renters to do their initial property searches online wherever possible. Initial viewings should also be done virtually, and in-person viewings should only take place when buyers are seriously considering a property.
Taken from the government website: https://www.gov.uk/guidance/government-advice-on-home-moving-during-the-coronavirus-covid-19-outbreak
The previous offer fell through because of the service charge, they were looking to invest in the property as a rental.

NameUnavailable

Se99paj said:

The previous offer fell through because of the service charge, they were looking to invest in the property as a rental.

All flats will have a service charge (even if there isn't a regular charge there will be charges to pay each year). So why was your buyer put off by that? I can only assume your flat has much higher service charges than comparable properties? Is that the case? I

Se99paj

NameUnavailable said:

Se99paj said:

The previous offer fell through because of the service charge, they were looking to invest in the property as a rental.

All flats will have a service charge (even if there isn't a regular charge there will be charges to pay each year). So why was your buyer put off by that? I can only assume your flat has much higher service charges than comparable properties? Is that the case? I

Sorry - meant the service charge was too high for them, the last year service charge was £1600 for the year. I've been told this is higher than average but not excessive, considering we're in the Surrey area.
We have an outdoor area which requires landscaping gardening (Although would be happy to do this myself if I could) as it would drop the service charge to £1300 per year