London 2 bed flat. Over 1 week listed but only 1 enquiry/viewing - please critique!

Crashy_Time

Any views OP?

musehead

Crashy_Time said:

Any views OP?

Yes, had 3 viewings booked soon after reducing the price to £475k. Not a huge amount of interest, but there's a lot of flats for sale in this area and not that many SSTC. Happy to give it some time now that the listing is better presented.

Within 1/2 mile, there's 117 two bed flats for sale, 175 including SSTC.

Right now, out of the 175 including the SSTC properties, my flat is the joint 19th cheapest.

AnotherJoe

musehead said:

What is most uninviting about the outside space? Although it's technically a communal area, in reality there's no way anyone else would sit in that area. While I've lived here, not once has anyone come into the patio area.
Thanks for your advice!

To coin a phrase "well he would say that wouldnt he?"

I believe you but the simple words "communal terrace" would be enough to rule it out for me at any price other than as a BTL.

Sure no one else has used it to date so far, but if someone new comes in and starts having noisy parties outside your lounge all the time, you'd have no way of stopping them. It would be like having a house with a back garden that is open to all the neighbours and saying "well to date no one else has used it".

I'd literally rather not have it there. I would pay more for a flat without that terrace.

So, i think you need to find a BTL buyer or someone who is very blase about the possibility of people having parties outside their flat in the summer evenings. Or who doesn't think about it.

FWIW I like the look of the place, and though combined kitchen/lounges are a no no for me  I know many like them.

Bottom line i am not convinced your small price reduction will be enough but good luck.

 

okigen

As a buyer looking for a flat myself:

1) As this looks like a purpose-built I will want to know whether the flat has the EWS1 certificate or not. If the description doesn't mention it, I tend to assume the worst, especially if the flat is on discount. Also please make sure your agent knows the status. I had some viewings where the agent said the flat didn't need the certificate where it was clearly high-rise and the flats in the same block were "cash buyer only"! The Victorian conversions around your area won't have this problem so I think that's one of the reasons why they had more viewings.

2) I think £475k for a purpose built of 58 sq.m/623sq.ft without much of outdoor space is still a bit high. I don't know much about Balham though. Have you checked the price per sqft of the ones around your area?

3) Worth including a photo of the whole building and another one of the communal garden (if it looks attractive).

4) As for decoration, I think the flat is a bit plain. It doesn't look bad at all! But it is a bit "generic". Maybe you can put a rug or some flowers? This is not a key decision-making point though.

Good luck selling!

getmore4less

The attractive garden pics have just been taken off.

Crashy_Time

musehead said:

Crashy_Time said:

Any views OP?

Yes, had 3 viewings booked soon after reducing the price to £475k. Not a huge amount of interest, but there's a lot of flats for sale in this area and not that many SSTC. Happy to give it some time now that the listing is better presented.

Within 1/2 mile, there's 117 two bed flats for sale, 175 including SSTC.

Right now, out of the 175 including the SSTC properties, my flat is the joint 19th cheapest.

25k price drop is a good start, still feels pricey to me though. I`m assuming a lot of those flats have been on for a while?

MoonChild91

Genuinely cannot believe anyone would pay this much for a 2 bed flat! Makes me glad I left London and went back up North  
I too would be put off completely by a communal terrace, there isn't much you can do about it OP but in general 'communal' anything has me running a mile. 

Crashy_Time

Well it looks like people are not going to pay that much, not anymore anyway, hence the thread? TBF it is the banks shutting things down, there are plenty of punters out there still who would borrow as much as they can get for basic shelter.

Crashy_Time

Any views OP?

woodsford

I was wondering if the situation has improved?