London flat for sale - how many viewings to expect

SXX

Hello - My (London) flat went onto the market about 2.5 weeks ago.  I've had 3 viewings. 

A couple of estate agents I have spoken to say that is too low and they would have booked in 20 by now.  I don't believe that is true because I think most viewings come from Right Move etc but one of the EA said that most of their viewings (about 75%) are outside of Right Move etc.

I think this is all just inflated sales talk and I am not really buying it.  After all it's just their word.  They haven't actually provided any evidence to show their high viewings number.

Is my interpretation correct of the EA or should I really have had far more viewings than 3?

(two of the viewings were potentially interested, hinted at numbers but no offers).  One thought the flat was too small).

Schwarzwald

i cant tell you an exact number.
but I see flats going for sale in our London terrace these days and they simply dont sell.
and i dont even think it is a matter solely of pricing at this stage.
There are two almost identical flats for sale in my terrace that came to market over a 4 months period, floorplan almost identical, different spec, but priced £125k apart so you wld clearly think the cheaper one is kind of a steal, also where other flats solds in the last 3-4 years.
But neither of the two sells.
I bought mine end of 2021 in the same terrace, same floorplan. 
I dont need and want to sell, but i could not sell it at this stage.
a market is always supply x demand and there is always some clearing price.
But at current mortgage rates it seems that demand really fell off a cliff.

so i would just not expect many viewings and expecting a longer sales process ...

MeteredOut

Schwarzwald said:

and i dont even think it is a matter solely of pricing at this stage.

In a simple world, without the emotional baggage both buyers and sellers carry, its always about pricing, but I appreciate we don't live in that world.

However, the price is the simplest lever that can be moved to both get viewers and get a sale.

In your example, if the one that is £125K lower is not getting any traction, I'd not automatically "think the cheaper one is kind of a steal"; it too might be overvalued for its current market.

gwynlas

London is very generic different boroughs have different markets and demand. How does your flat stand against others with the same agent or others in the locality?. Yes they might all use Rightmove but a cluster of agents also sell through their visual displays as buyers browse their windows. Can you include a link for comments? Do not consider a price drop no matter what is said by agent or others it is much too soon. Only one person can actually buy it but this could be the 1st or 91st viewer

Mstty

London is a big place with wild variations on prices and add in that August is a slow month for property with holidays.

I would also add many people are hunkering down in their properties waiting for all this to blow over (some are at the Winchester)

What is your motivation to sell?

SXX

Thank you for the responses.

To be honest I am not too worried at the moment because 1) it is early days yet; 2) I am realistic and appreciate that it may take some time to get an acceptable offer; 3) Don't really trust the London market - it is what it is - ie remain calm even if the market is getting carried away or doing silly things; 4) and I am sort of preparing myself for a 'long haul' scenario; 5) I tend to notice from some of the flats I've been watching on Right Move etc, they do take a while to go under offer).

I need to sell and move into a flat which is more suitable for later life.

I have no plans to reduce the price yet as I think it is early days yet.  Will review it in Sept when the holiday season is over.

I found this which says 1-2 viewings in the first week is typical and that it takes on average 10 viewings to sell a home.

https://www.getagent.co.uk/blog/first-time-sellers/how-many-viewings-to-sell-a-house

I think it was just EA BS when they said that they would have got 20 viewings in the first week.   

My plan is  to try and remain calm.  I don't think my flat is the best flat in the entire world ever, nor do I think it is the worst flat ever.  

Sarah1Mitty2

Mstty said:

London is a big place with wild variations on prices and add in that August is a slow month for property with holidays.

I would also add many people are hunkering down in their properties waiting for all this to blow over (some are at the Winchester)

What is your motivation to sell?

They will have a long wait probably, all the indications are that we are returning to more normal monetary policy with rates higher for longer and more in line with historical averages.

Mstty

Sarah1Mitty2 said:

Mstty said:

London is a big place with wild variations on prices and add in that August is a slow month for property with holidays.

I would also add many people are hunkering down in their properties waiting for all this to blow over (some are at the Winchester)

What is your motivation to sell?

They will have a long wait probably, all the indications are that we are returning to more normal monetary policy with rates higher for longer and more in line with historical averages.

Maybe,

But some of us have been here before with recessions and mortgage rate spikes. No one.said life was easy but the benefits of property ownership can't be measured in just monetary terms.

Be interesting to look back in a few years time at the actual statistics of what happened. Lots of mystic mega out there acting like they can predict the future with accuracy for a quick buck.

SXX

Mstty said:

Sarah1Mitty2 said:

Mstty said:

London is a big place with wild variations on prices and add in that August is a slow month for property with holidays.

I would also add many people are hunkering down in their properties waiting for all this to blow over (some are at the Winchester)

What is your motivation to sell?

They will have a long wait probably, all the indications are that we are returning to more normal monetary policy with rates higher for longer and more in line with historical averages.

Maybe,

But some of us have been here before with recessions and mortgage rate spikes. No one.said life was easy but the benefits of property ownership can't be measured in just monetary terms.

Be interesting to look back in a few years time at the actual statistics of what happened. Lots of mystic mega out there acting like they can predict the future with accuracy for a quick buck.

Well said.  I got onto the property ladder in 1998 so have seen and/or experienced the ups and downs of property ownership.

Just to add another comment re viewings, if I had engaged the 3 agents (who all said they would have got me at least 20 viewings in the first week) on a multi-agency contract, then I should have got 60 viewings in the first week! 

Sarah1Mitty2

Mstty said:

Sarah1Mitty2 said:

Mstty said:

London is a big place with wild variations on prices and add in that August is a slow month for property with holidays.

I would also add many people are hunkering down in their properties waiting for all this to blow over (some are at the Winchester)

What is your motivation to sell?

They will have a long wait probably, all the indications are that we are returning to more normal monetary policy with rates higher for longer and more in line with historical averages.

Maybe,

But some of us have been here before with recessions and mortgage rate spikes. No one.said life was easy but the benefits of property ownership can't be measured in just monetary terms.

Be interesting to look back in a few years time at the actual statistics of what happened. Lots of mystic mega out there acting like they can predict the future with accuracy for a quick buck.

No, you have never experienced this economic climate before, no one has, it is the result of a 15 year financial experiment being unwound, there is absolutely no comparison with the 80`s or 90`s (when you could buy ex-council houses for 12k in many parts of the UK)

CSI_Yorkshire

Sarah1Mitty2 said:

Mstty said:

Sarah1Mitty2 said:

Mstty said:

London is a big place with wild variations on prices and add in that August is a slow month for property with holidays.

I would also add many people are hunkering down in their properties waiting for all this to blow over (some are at the Winchester)

What is your motivation to sell?

They will have a long wait probably, all the indications are that we are returning to more normal monetary policy with rates higher for longer and more in line with historical averages.

Maybe,

But some of us have been here before with recessions and mortgage rate spikes. No one.said life was easy but the benefits of property ownership can't be measured in just monetary terms.

Be interesting to look back in a few years time at the actual statistics of what happened. Lots of mystic mega out there acting like they can predict the future with accuracy for a quick buck.

No, you have never experienced this economic climate before, no one has, it is the result of a 15 year financial experiment being unwound, there is absolutely no comparison with the 80`s or 90`s (when you could buy ex-council houses for 12k in many parts of the UK)

Nobody has experienced this before, but it's all just a reset to long-term average conditions?

Right.