Flat not selling what to do

BonaDea

OP, you say that if you have to wait for the new year to find a buyer that will cost a few more thousands.  Well, why not bite the bullet and take that hit now?  If you're going to be down 'thousands' anyway, what's the merit in hanging on and waiting to take that loss, with all the attendant stress?  In your place I'd just list it for whatever price is needed for someone to bite your hand off and have done with it.  

Albermarle

subjecttocontract said:

Albermarle said:

subjecttocontract said:

Sorry to bring doom & gloom but I believe in being realistic. Let's look at the situation......
* You are finding the sales market in your area is already slow.
* We're a month away from a big impact budget which will put many people off until they know the damage.
* The economy generally is in dire straights.
* After all that it start getting very, very quiet leading up to Christmas & New Year and doesn't normally pick up until at least end of January.

Unless you have something special, stand out or unique to offer or your price is at the lower end of what's available, I see your chances of securing a buyer before next year as unlikely.

I would dispute the statement in bold. Low unemployment; some growth; inflation back under control; interest rates normal; Pound stable etc 
Compared to some periods in the past the economy looks quite OK. 

In your dreams. People in the market for a 1 bed flat will have been hit by all the adverse economic results over the past year or two.. rising prices for food, energy, insurance, interest rates, the cost of virtually everything has gone up and will clearly impact affordability.

According to this report the average affordability index in 2023 is similar to what it was in 2018/2019/2020. It has dropped back from the peak in 2021/2022.
Wages have largely caught up with inflation.
Housing affordability in England and Wales - Office for National Statistics (ons.gov.uk)

Schwarzwald

i would not spend money to change the heating.
most likely you wont make it back.

Rent for a bit -v- selling at a further discount really depends on how urgently you need the money back.

comparing rental income -v- mortgage payments isnt the right perspective IMO.
at the moment you have zero income towards mortgage payments so everything is incrementally better.

personally, i would probably drop the price furhter until it clears, even if it means selling at 165k vs 200k all in costs. but it is a question of are you able to stomach the -35k "loss"? if not, probably rent it for a year and hope for improvements in the Buyers market. How likely is that? noboby knows ...

subjecttocontract

Albermarle said:

subjecttocontract said:

Albermarle said:

subjecttocontract said:

Sorry to bring doom & gloom but I believe in being realistic. Let's look at the situation......
* You are finding the sales market in your area is already slow.
* We're a month away from a big impact budget which will put many people off until they know the damage.
* The economy generally is in dire straights.
* After all that it start getting very, very quiet leading up to Christmas & New Year and doesn't normally pick up until at least end of January.

Unless you have something special, stand out or unique to offer or your price is at the lower end of what's available, I see your chances of securing a buyer before next year as unlikely.

I would dispute the statement in bold. Low unemployment; some growth; inflation back under control; interest rates normal; Pound stable etc 
Compared to some periods in the past the economy looks quite OK. 

In your dreams. People in the market for a 1 bed flat will have been hit by all the adverse economic results over the past year or two.. rising prices for food, energy, insurance, interest rates, the cost of virtually everything has gone up and will clearly impact affordability.

According to this report the average affordability index in 2023 is similar to what it was in 2018/2019/2020. It has dropped back from the peak in 2021/2022.
Wages have largely caught up with inflation.
Housing affordability in England and Wales - Office for National Statistics (ons.gov.uk)

But we're not in 2023......it's late 2024. Not everyone has had a train drivers pay rise. People on low or average pay are affected far more by price rises. If you think everything is Ok you must be living on a different planet to me. I disagree completely.

subjecttocontract

For many, pay rises have not kept pace with prices. So, to get back to the property market....... property sales require buyers to feel confident about their future, and many dont, so the market is flat (excuse the pun). There is also a political element but we mustn't discuss politics here.