My flat won’t sell - help!

Mutton_Geoff

pugslife said:

We were with one estate agent and had a good number of viewings and a couple of offers at just below asking price (before reducing) but we regrettably turned these down thinking we would achieve more.

A lesson in itself.

runforlife

Looks like you may be too expensive. From a link on your page Nearby properties and virtually identical, are on as low as £350k. They also have what appears to be better marketing, though are also reduced. Can you be different and offer incentives to first time buyers? Offer to pay their legal fees for eg. 

Thrugelmir

There's two similar properties in the building for sale. This one at 375k.

https://www.rightmove.co.uk/properties/74719455#/

Your biggest issue is the amount of similar property for sale. Not the EA. 

pugslife

Thank you to everyone for your helpful comments! We will definitely get the additional points included with the new estate agents and they will be including a video too which should help as well as taking new photos - agree the current ones aren’t the best!

There are a couple of properties in the same mansion blocks as us which are priced at £375k however one has been on there for well over a year because the seller refuses to accept the listing price and it has been through almost every agent locally and several have told us this is the case and the other one is on with our current estate agents and they would of course show any viewers both flats and would say the feedback on the other flat is that buyers didn’t like it as it is very dark (due to being on a lower floor and lots of buildings blocking the windows), it needs some work and the seller is in an urgent rush to sell so has reduced it below average price. Probably worth noting that another flat in the mansion blocks recently sold for £450k through Foxtons (but we’re trying to avoid the 2.5% fee for as long as we possibly can...). Thanks again to everyone who has commented!

Scotbot

I thought the photos were OK. The rooms do look small but that is because they are! When I looked at the floorplan with room sizes my immediate thought was gosh that is small. Not much you can do about it. You can make it appear bigger in photos but people will just turn up and think no it's too small.

Secondly whilst most people want outside space and a WFH area you are not going to get it for 400k or anything near to that in that area or anywhere close.

So the issue is probably price. As a rule of thumb if you are getting viewings price is in the right area. I think the target market is FTB or investors. Both are may be holding off right now in the hope of price falls or because of general uncertainty about the economy.

Mahsroh

I appear to be in the minority but personally I don't think there is anything wrong with the listing. I get the comments on the OIEO which I don't have a problem with myself, but understand why others would, and when listing mine I specifically told the agent not to when they suggested doing it on the basis of numerous comments I regularly read on here.  

But the photos and listing generally for me is fine. It's a nicely presented flat, neutrally decorated to a high standard. Nice kitchen, bathroom, floor finishes. The room sizes aren't huge, but not tiny either - and probably consistent with what you'd expect in a 1 bed flat in London. 

RelievedSheff

I'm another who doesn't think it is the listing that is putting people off. The flat presents well in the pictures, there is nothing you can do about it being small, that's just what it is.

I'm not sure a change of agent is what is needed here. I think it will come down to price which is probably not what the OP wants to hear.

numbercruncher8

If you want to sell quick, it's price. 
Competition is not only from flats in the same block, but many surrounding properties. Someone with £400-450k to spend on a 1 bed flat has significantly more choice. For instance, why live in Dalston when you can live in Zone 1 proper?
There is also competition from 2 beds, which may not be priced that much more. Going further afield, that kind of money could also pick up a house with garden still within the London zones... it won't be as central but that's the trade-offs people are making.

TBH a one-bed with no outside space at £400k is a hard sell at the moment especially with properties cheaper in the same place. If you want that price the only real option is to just wait and hope that someone turns up.

lr1277

pugslife said:

Apologies for the weird format of the link but I’m a newbie to the forum and it won’t let me post the full link yet - you may just need to add ‘www.’ at the start

As an aside, when pasting or typing in the URL bar, you don’t need http(s) nor www.
You could for example type:
forums.moneysavingexpert.com

cattie

If at all possible, I'd avoid listing with yet another agent. I'd take it off the market & try to remarket it in a couple of months or so. To be honest, if I saw a flat constantly being listed with a different ea, I'd be asking myself what is wrong with it that none of the ea's have managed to achieve a sale yet if the price is reasonable.

Your flat is what I'd call stale now naving been on the market for so long & people who've been looking for 1 bed properties for a while will no doubt by pass it by on rightmove as they'd have already seen it more than once previously. Whereas if you can sit tight for a while then relist, it'll appear as a fresh new listing.

Being on the 3rd floor with a lot of stairs & I'd imagine no lift will put some people off. Also a lot of young ftb's prefer new builds & you'll be up against that, but the block is attractive & in a popular location & nicely presented & if the price is right, it should sell eventually as character does appeal to many.