Struggling to sell London flat

AdrianC

This one?
https://www.rightmove.co.uk/properties/113179595#/

There's certainly nothing wrong with the details that would scare buyers off. As you say, it's all down to supply vs demand...

theoretica

ThirdGuitar said:

We want to move on with our lives as we want to move outside of London to settle down and start a family, but currently feel trapped and don't feel like we can lower the price any further otherwise we will not even recover our initial deposit from the sale value. 

Forget the past.  How much money you had 4 years ago and the deposit then is only an emotional tie and not of real significance.  'Investments can can go down as well as up and you may not get back the initial amount invested.'   What does matter is where you can go from here.  How much is the absolute minimum you would need to get from the flat in order to be able to move somewhere you prefer?  Can you sell for at least this sum? 

Crashy_Time

hazyjo said:

Was it a new build when you bought?

Many post links here, they're open to thousands of people on rightmove anyway, so perhaps have a rethink.

Good advice.

74jax

Sure, I have sent this in a DM as we didn't want to share the link on a public forum.

You do realise rightmove is public? 

GDB2222

AdrianC said:

This one?
https://www.rightmove.co.uk/properties/113179595#/

There's certainly nothing wrong with the details that would scare buyers off. As you say, it's all down to supply vs demand...

Must be that one. I sold through Statons many years ago. 

If I were buying:

1. It's a lot of money for a small flat.

2. It's a new block, so there may be cladding issues.

3. This one is down the road and almost double the floor area for less money:
https://www.rightmove.co.uk/properties/107392715

4. You are asking almost £1000 psf for Whetstone!

I'm not sure you asked why it wasn't selling?  There's nothing wrong with the flat, except the price.

 

GDB2222

Oh, and the one I linked to, besides having far more room, is in a far better location.

I'm sorry to be rather blunt about it, but you might as well take yours off the market, unless you are prepared to reduce the price really drastically.

theoretica

AdrianC said:

This one?
https://www.rightmove.co.uk/properties/113179595#/

There's certainly nothing wrong with the details that would scare buyers off. As you say, it's all down to supply vs demand...

That's written like someone trying to sell the entire block, not just one flat - why all the plurals?

• High specification interiors Individually designed kitchens with elegant stone surfaces.
• Private terraces

Indigo_and_Violet

AdrianC said:

This one?
https://www.rightmove.co.uk/properties/113179595#/

Yup, that's a lot of money for not a lot of flat in zone 4. People who still need to go into the office can get something much more central than that for similar or lower prices. People who don't need to go into the office can get something bigger near a mainline station further out. I'm sorry you're in a tough place, but I can see why it's not selling. 

[Deleted User]

As much as I wish I was equity rich and could just slash the price to 525k I don't think it is even the fact it is priced as it is but the lack of buyers generally.

I am between a rock and a hard place mainly due to poor decisions of my own making.

The first was to buy it in the first place but I sold a house in a Hertfordshire village with a 1 hr 40 commute to live somewhere better. The second was to buy with help to buy when I could have bought up to 500k without it. I cannot any longer after fees and my initial equity takes a kicking.

I bought it for £575000 last summer against competion in the stamp duty frenzy and Help to Buy own a 40% share. They have to approve any sale price and undoubtedly won't let me sell for much less. I thought the market correction was priced in when I bought it and my survey came back ok.

It is two square metres bigger than one in the same building (but crucially this is the second bedroom). They sold for 550k but their sale fell through and are even more desperate than me. I reducsd from 595k when their sale fell through. 

There are no cladding issues. There are flats with more square metres but they don't have air con, underfloor heating, lights that come on when you enter the room and are of a lower specification interior. 

Given everything is struggling does the initial list price make much of a difference? 

AdrianC

eurostar2002 said:

There are flats with more square metres but they don't have air con, underfloor heating, lights that come on when you enter the room and are of a lower specification interior.

That's all bling, icing.

They may make the difference against other flats of the same size, but it would be a very rare buyer who would actively trade more space for more fripperies.

Given everything is struggling does the initial list price make much of a difference?

No, what you may or may not have paid in the past does not affect what it'll sell for now.

What else is on the market NOW is your benchmark.