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

GDB2222

Owleyes00 said:

Sorry me again, I just did the similar listings thing and I think you are priced too high.

this flat is the same price as yours and has a private balcony and much bigger kitchen in a similar sort of building 

https://www.rightmove.co.uk/properties/86384266#/

Drop it by £20k and see how you do

That one is 15-20% more floor area?

Owleyes00

GDB2222 said:

That one is 15-20% more floor area?

All the more reason the OPs is too expensive!

FTB_Help

Looks like it was probably a new build when you bought it, not sure how much you paid for it?

But with most new build flats they generally don't hold value.

Personally i would avoid ground floor flats completely.

The living/ kitchen area is badly laid out, the sofa plopped in the middle in the room looks awkward.

I agree with another poster about the place looking very orange/brown.

The floor board, kitchen cabinet, doors, cupboards, sofa and even the bed head board is all the same colour - i know all of this is changable, but some people really can't see pass things like this.

This is one of your neighbours on the top floor

https://www.rightmove.co.uk/properties/89714506#/

Same price, bit smaller but the layout is so much better in the living/ kitchen area.

I think most would choose this one over yours because of the layout and it being on the top floor.

I think it is the price putting people off, plus with SD ending in June, it is highly likely any buyers will miss the cut off so will be looking at a big tax bill too so the price will deter them off your flat.

Crashy_Time

Alan2020 said:

The elephant in the room is the patio area. 

With the current lockdown private outside space is the most valuable. 

From what I understand you don’t have any, yet your floor plan shows a private patio.

Most people don’t want to do business with liars, and I don’t think most normal people want to deal with crooks. 

Basically you don’t have any private outdoor space, so in essence a £470k flat?? Or cheaper. If you are willing to lie about the patio, what else would you lie about is what a potential buyer would think, alarm bells and they won’t touch it with a barge pole.

Not really, people have been free to go outside since the very start of this and for a certain demographic the notion of "Lockdown" doesn`t really exist any more...

https://www.youtube.com/watch?v=fN1CM3Som9Y

theoretica

Flat 21 sold last year for £370k and its new 2005 price was £228k.  What was the 2005 price for yours?  £250k?  That would give an equivalent 2020 price of £405k.

Steve57

All UK house prices and especially London are a work of fiction and have nothing to do with the economic cost of building them. Supply and demand is driven mostly by demand which of course included bank lending as part of the demand equation, supply is nearly always short which is part of the reason for obscene house prices. London has had a lot of people leave in the last year or so thanks to brexit and covid19 so for once in history since WW2 the population has fallen.  Hopefully something good will happen for all of us causing house prices to drop to less than half of what they now sell for, and that doesn't have to be a financial collapse, but perhaps sensible lending practices and less handouts from the government. Most of you will appreciate a fall in prices which will help you buy your first tiny flat (like this one) or move to a bigger house to do a family in (now impossible in or around London for real people)  And by the way, the service charges are obscene and no doubt tied to some parasite management company.  A flat like this should be the preseve of a median paid, first time buyer, income circa £30k and single (as this flat is far too small for a couple) however the asking price is over 16x a gross £30k salary. 

Crashy_Time

theoretica said:

Flat 21 sold last year for £370k and its new 2005 price was £228k.  What was the 2005 price for yours?  £250k?  That would give an equivalent 2020 price of £405k.

The economic outlook is way worse than 2005 though?

Lunchbox

Owleyes00 said:

GDB2222 said:

That one is 15-20% more floor area?

All the more reason the OPs is too expensive!

Also just realised there are electric heaters so no central heating either, and big utility bills.

musehead

theoretica said:

Flat 21 sold last year for £370k and its new 2005 price was £228k.  What was the 2005 price for yours?  £250k?  That would give an equivalent 2020 price of £405k.

My 2005 price (previous owner) was £289k so would work out around £470k by that comparison.

Flat 9 also sold last month, not yet on land registry. It was listed very optimistically at £650k in 2019, relisted at £600k in 2020, reduced and eventually sold for £490k this year. Flat 9's 2005 price was £280k so it would put me in the right kind of ballpark.

I generally agree a price drop would help though!

[Deleted User]

Crashy_Time said:

theoretica said:

Flat 21 sold last year for £370k and its new 2005 price was £228k.  What was the 2005 price for yours?  £250k?  That would give an equivalent 2020 price of £405k.

The economic outlook is way worse than 2005 though?

Maybe, but the demand (and the general amount of money swilling around looking for an investment) remains higher.