Struggling to sell London flat

[Deleted User]

Gosh I didn't realise they hadn't put that on the listing on Rightmove. It was in the draft details I approved so I assumed they'd put it in. I think I will let the minimum term expire and sack these agents and use Purple Bricks. If I am going to lose tens of thousands on this disastrous purchase I may as well save on the fee. 

Crashy_Time

eurostar2002 said:

Gosh I didn't realise they hadn't put that on the listing on Rightmove. It was in the draft details I approved so I assumed they'd put it in. I think I will let the minimum term expire and sack these agents and use Purple Bricks. If I am going to lose tens of thousands on this disastrous purchase I may as well save on the fee. 

Why did you buy it?

[Deleted User]

2020. I thought the market correction of Brexit and Covid was priced in and things would improve. Obviously not! It was up for 600 and I got it 25k less than list price so was elated at the time.

Crashy_Time

Brexit will play out over years, the effect has been totally hidden for the time being by Covid IMO, at least you got 25k off that is some comfort?

Slithery

Bear in mind that if you can't drop the price and sell it soon it will probably be unmortgageable for the next few years...
Armageddon for flat owners - PAS 9980 even worse than EWS1 fiasco?!

[Deleted User]

ThirdGuitar said:

Hello,

My partner and I have been trying to sell our flat in London for around 9 months, and unfortunately it just doesn't look like it's going to sell. We've dropped the price significantly, and are now marketing it for £20k less than we paid for it 4 years ago, but we are still struggling to sell it. We've been through a few different estate agents and are now starting to lose hope that we will ever sell it, particularly now the stamp duty holiday has come to an end.

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. We're trying to consider our options for our next steps, and are considering:

- Going through a property auction website, although it seems from research online that this is unlikely to generate a very high sale value

- Renting the property out for a year or maybe two in the hope that the London property market improves in this time and then try and sell again, meanwhile renting another property for ourselves to live in outside of London. Whilst this seems like in the long run this will generate a better sale price than going via auction given the London property market for flats is in a terrible place right now, it's also a huge deal of hassle, having to move to a buy to let mortgage, having the stress of tenants in our property, and prevents us from buying another property in the next couple of years due to the second home stamp duty

Neither of the above options feel particularly appealing, but unfortunately we feel like we're in a hopeless, unwinnable situation at the minute, with no easy solution.

Does anyone have any advice on what might be the best course of action to take in this situation? Or does anyone know of any other routes we might be able to take to achieve a quick sale that we haven't thought of above?

Any advice or guidance would be very much appreciated.

Thanks

Most flats are worthless now because of cladding and related scandals. Even if you have the right paperwork, most buyers aren't going to take the time to find out.

Right Move needs a filter for flats with all the required paperwork in order.

Crashy_Time

rigolith said:

ThirdGuitar said:

Hello,

My partner and I have been trying to sell our flat in London for around 9 months, and unfortunately it just doesn't look like it's going to sell. We've dropped the price significantly, and are now marketing it for £20k less than we paid for it 4 years ago, but we are still struggling to sell it. We've been through a few different estate agents and are now starting to lose hope that we will ever sell it, particularly now the stamp duty holiday has come to an end.

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. We're trying to consider our options for our next steps, and are considering:

- Going through a property auction website, although it seems from research online that this is unlikely to generate a very high sale value

- Renting the property out for a year or maybe two in the hope that the London property market improves in this time and then try and sell again, meanwhile renting another property for ourselves to live in outside of London. Whilst this seems like in the long run this will generate a better sale price than going via auction given the London property market for flats is in a terrible place right now, it's also a huge deal of hassle, having to move to a buy to let mortgage, having the stress of tenants in our property, and prevents us from buying another property in the next couple of years due to the second home stamp duty

Neither of the above options feel particularly appealing, but unfortunately we feel like we're in a hopeless, unwinnable situation at the minute, with no easy solution.

Does anyone have any advice on what might be the best course of action to take in this situation? Or does anyone know of any other routes we might be able to take to achieve a quick sale that we haven't thought of above?

Any advice or guidance would be very much appreciated.

Thanks

Most flats are worthless now because of cladding and related scandals. Even if you have the right paperwork, most buyers aren't going to take the time to find out.

Right Move needs a filter for flats with all the required paperwork in order.

Really? That would make a mockery of all the "Supply and Demand" arguments we have been hearing on here and elsewhere  for years.....

diggingdude

Have you bought anything yet crashy? Surely the 2008 crash, Brexit and a Global pandemic has crashed the market enough for you???

Crashy_Time

diggingdude said:

Have you bought anything yet crashy? Surely the 2008 crash, Brexit and a Global pandemic has crashed the market enough for you???

Did you look at the price the OP is trying to sell for? (no offence OP) You know as well as I do what is holding this together.

jeaniemsm

eurostar2002 said:

2020. I thought the market correction of Brexit and Covid was priced in and things would improve. Obviously not! It was up for 600 and I got it 25k less than list price so was elated at the time.

Why do you want to sell only after a year of buying?

I dont know that part of London well, but you can get flat for that price in more popular areas such as Balham, tooting bec, Walthamstow etc so it may be that you're struggling to find people to view in the first place?