Selling flat: should I reduce price?

sourpuss2021

At the risk of sounding like a Mumsnet shill, I think you’d get a lot more responses posting this in their Property forum since there are more Londoners/people in the market for
£500k+ flats over there.

Just quickly I think it looks great and shows again that Edwardian conversions tend to be bigger than typical Victorian 2-beds (one of which near me in zone 2 SE just sold leasehold for £650k).   Room dimensions all look good too!

I do think it’s likely just the time of year and relisting it in January would be the best thing to do.

Sarah1Mitty2

pred02 said:

Thanks all for the feedback. It's constructive though I won't be able to make the changes over next 2 weeks as we have a little baby and during the week we are packed plus don't have family in the UK so need to secure storage and get properly organised.

Here is the flat next door that was advertised at £550k and that went under offer almost immediately:

https://www.rightmove.co.uk/properties/125891585#/media?channel=RES_BUY&id=media7&ref=photoCollage

The rate is mortgage offer that's valid for 90 days it expires right before Christmas. It was based on a 5 year fixed rate secured in Sept at just sub 4%.

I will need to get a new rate at the time we find the property next year, can we afford at current rate? Yes we can but probably need to adjust our purchase budget or monthly budget. 

It feels like dropping the price right now would only be worthwhile if I get an offer accepted on onward property, otherwise might as well pause, accept we will lose the mortgage offer and pick up with the flat changes and any re-marketing price changes in the new year. 

Tiny garden space for over half a million pounds? People who would have previously taken out a mortgage on that are now looking at much higher monthly payments, is it really worth it?

TBagpuss

I think you probably need to reduce the price. The neighbouring flat is larger due to the way the houses were built, it's retianed some period features and it has more outside space .

That said, I agree that if you are able to reducethe amount of stuff in the licing room, set the second bedroom up as a bed room, and get new photos done it will help.

I like the art you have in your living room but for selling it might be sensible to take some of it down to helpthe room look bigger and less clutters (I'd also get rid of pic 1in you listing - it doesn't add much to pic 6 and the angle makes the room  look much smaller - not the one you want first! 

Would you be able to remove the desk / office set up in the main bedroom for photos and viewings? The room would look better wothout them and as it is it, it makes it look overcrowded 

The descriptio refers to orginal door and wall tiles but none of that is shown .

Good luck 

Sarah1Mitty2

pred02 said:

Hi,

My wife and I are selling out 2 bed period flat in South London. It's a flat with garden and good sized rooms 2 bathrooms close to central connections. When I purchased it 9 years ago I snapped it up within hours of being listed, and I suspect other flats like this on the street were too. The flat is in good condition, we bought a share of freehold, put in new roof boiler etc.

https://www.rightmove.co.uk/properties/128299475#/?channel=RES_BUY

We got 4 valuations, picked a local agent and listed approximately 4 weeks ago at the lower of the valuations. It's been 4 weeks and we had little less than a dozen viewings but no offers. A very similar flat (these are all built the same) on a street next door listed for same price a month and went under offer immediately. Our situation is we are moving to a house as we have a growing family, we have a pre-mini 4% mortgage rate agreed until Christmas and we have found a potential house to offer up on. Our agent is telling us to lower the price.  We have another 2 weeks before we are away for holidays at which point we were planning on halting the search and continuing next year. 

Our options are:
1. Reduce the price in hope we get more viewings and offer over next 2 weeks, offering up on the house we found hoping its accepted.
2. Pull the flat off the market and re-market it in the spring and maybe do some modifications, pick different agent etc.

Just dropping the price is ease for agent to advise but obviously has impact in downward purchase. I feel if we drop now and don't get anywhere we will never be able to go back to the price. If we don't at least put mortgage offer on the house, we loose the good fixed rate. 

Not sure what's a strategic thing to do?

Thanks

Looks like you reduced the price by 20k?

diystarter7

Hi OP
Nice apartment
I've been to that hopital a few times and last time was this year.

Negatives: Not everyone will want to move there especially becuse of parking re the hospital
Your road and next is nice but busy hspt traffic and lacking parking day time
Across the main road, not my cup of tea.
bathroom worn
priced too high I can't see it going for more than 500k
Do yuo have pets/smoke if so rid the smells, (sorry no offence just helping)
=============
Positves,

good sized
not too far to train stations
buses even closer
shops close
all in all good conditon, just touch up (not paint) the sealant etc where slightly gone off
clean tiles - all 10/10
Lots of light
Big positive, you have easy to manage garden space

Next veiw, declutter - bake cake, make coffee and ensure quite warm heating on especially the bathroom and consider hanging a pic there


Good luck and I hope you get the price you want

You could try next year but if markets pick up which i doubt, you too will be pying more for the place you want.

Sarah1Mitty2

"Easy to manage garden space"...that is one way of putting it I suppose, but for half a million quid people are going to want more garden space than that.

lika_86

Sarah1Mitty2 said:

"Easy to manage garden space"...that is one way of putting it I suppose, but for half a million quid people are going to want more garden space than that.

In London I don't think anyone expects a lot for half a million quid. And in any event, not everyone wants a big garden. If you have a busy job then the last thing you may want is a lot of garden maintenance if that's not your thing.

Ath_Wat

Sarah1Mitty2 said:

"Easy to manage garden space"...that is one way of putting it I suppose, but for half a million quid people are going to want more garden space than that.

It's currently £530K.  It's going to sell for something around half a million quid, as have many other flats with similar garden spaces.  That's what stuff costs there.

Ath_Wat

An issue to me is you say you are selling because of a growing family.  I think that anyone looking to buy are likely to be a couple or a couple expecting/with very young children.  I think many of the latter might be put off by the distance between the bedrooms - with doors closed (I know you don't have to close them, but it's psychological) that bedroom off behind the kitchen seems a very long way from the master bedroom; enough for it to be a worry for parents who are afraid they might not hear their child in the night.

sourpuss2021

Best hope could be a rich landlord paying cash, who will then rent it out to childless professionals. 

Or parents buying somewhere for their international student offspring to live while they’re at university.

It’s London and such buyers exist…