My flat won’t sell - help!

Grumpelstiltskin

First thing people will say is 'Offers over ' Offers in excess of' is a no no.

Insomniac101

We have had our 2 bed flat (London also) on the market since Jan 2020,  and then when they announced the Stamp Duty Holiday, at the same time the banks put up deposits to 20% minimum.  This flat is for a first time buyer, no first time buyer has £70k deposit!

We to dropped the asking price by £25k less than the market value, and only finally got an offer November 2020, a silly low offer, which is £40k less than average price of these flats, plus we have the longest lease in the block we spent £20k extending!

@kasqueak pointed out about the pandemic and people wanting more space, we can't wait to get out!

Market may pick up soon with the new budget and the government backing of lower deposits.

ts21

As someone who is a first time buyer looking at properties, here are my thoughts:

Many FTB are put off by stamp duty, or kicking themselves now (myself included). That said, I expect there will be another rush from 1 April when all the 95% mortgage deals come out, so it would be good to be ready for that. As a FTB, what's appealing to me is a property without a chain, so I know things can move quickly. If there's any way you could make this happen then that would be good to add to the listing. Oh and OIEO is really offputting, especially to a FTB, as you have the added worry over what to offer and how much above the amount is expected. It's not worth the additional blocker for FTB I don't think.

It might be worth getting new photos taken too, if nothing else to refresh in case there are people who have scrolled past before that might be interested. I think the first photo of the living room of the sofa makes the room look really tiny. The later photo doesn't look nearly so small. Similarly the last photo of the kitchen makes it look more spacious. I'd also get the photo with the fireplace earlier on as I think it's quite a big selling point. I also think the "key features" listed are a bit uninspiring - the agent could definitely have worked a bit harder there. As someone who currently lives in a central London flat I'd say add in how long the walk is to the nearby stations, and how quick it is to get in to the city. Also maybe include photos of the courtyard and bike storage, and add the courtyard to the key features as well. Is there a lift? Add to the listing what's close by - restaurants, bars, shops. Is there resident's parking? How long to cycle into town? Is there a dishwasher? Where's the washing machine? It might also be worth trying to shift things around a bit and pop a desk in somewhere, if you can, and photo with the laptop etc on the desk - to show there's room for WFH.

Hope that gives you some ideas?!

niceguyed

It has kerb appeal and character, the decor is nice and neutral enough. With only 8 pictures though I just get the sense I'm missing different perspectives of each room. I'd like to see a video tour option. 

Weathergirl_76

It’s a lovely flat. Your kitchen seems really spacious, can you fit a table and couple of chairs there? Just to show it off? I would definitely add how close transport links are, and if there is a lift, mention it. 

NameUnavailable

I think when the rules are lifted (if they are at the end of June) people will have to start going back to their offices and the reality of being near work or dealing with a long commute will bite - not all companies are going to be keen for staff to work from home when they can be in the office (I know mine aren't!).

First thing I can think of regarding the listing is what is the lease? It may be share of freehold but the buyer still needs to know how long the lease they're buying is for.

It should also state what the service charge is. These are the first things I want to know!

Tiglet2

It might also be helpful for prospective viewers to know how long is left on the lease, approximate yearly service charges and ground rent charges.  I get quite irritated that agents often don't put even this basic information on the sales particulars of a leasehold property.

NameUnavailable

Tiglet2 said:

It might also be helpful for prospective viewers to know how long is left on the lease, approximate yearly service charges and ground rent charges.  I get quite irritated that agents often don't put even this basic information on the sales particulars of a leasehold property.

Tiglet2 said:

It might also be helpful for prospective viewers to know how long is left on the lease, approximate yearly service charges and ground rent charges.  I get quite irritated that agents often don't put even this basic information on the sales particulars of a leasehold property.

Worse than that is when you ask they tell you that your solicitor will advise on all that stuff!

When you buy a flat you are essentially buying the lease, so you need to know exactly what that says. It should be mandatory to provide a copy of the lease if requested, as part of the particulars IMHO.

Tiglet2

NameUnavailable said:

Tiglet2 said:

It might also be helpful for prospective viewers to know how long is left on the lease, approximate yearly service charges and ground rent charges.  I get quite irritated that agents often don't put even this basic information on the sales particulars of a leasehold property.

Tiglet2 said:

It might also be helpful for prospective viewers to know how long is left on the lease, approximate yearly service charges and ground rent charges.  I get quite irritated that agents often don't put even this basic information on the sales particulars of a leasehold property.

Worse than that is when you ask they tell you that your solicitor will advise on all that stuff!

When you buy a flat you are essentially buying the lease, so you need to know exactly what that says. It should be mandatory to provide a copy of the lease if requested, as part of the particulars IMHO.

Yes, totally agree.

HampshireH

For me the photos are poor. I would have them all redone with one of those magic cameras most estate agents have. As your current photos don't sell the flat. They show the rooms as small and uninspiring.

Agree with the above on additional photos of the other features and also lease information.

"Moments from transport" sounds weird. 0.2 miles from nearest rail station sounds better.

There is no mention of heating type.... Just a fireplace. Presume it's gas central heating being that there is a gas hob? Add this in.

I'd remove the table from next to the sofa as looks squished in or push it back further.

Have you changed agent? I ask as the original photos were far better and showed the property in a better light. A few odd ones like the view but overall much much better in my opinion.