Central London anyone having a hard time selling?

ChocolateLover_3

Have been trying to sell my property for nearly a year now,every offer has fallen through,and the last 2 because of the problems with mortgage /bank rates
Is there anyone else in the same boat ? My property was originally valued at £675000 ,an offer came in yesterday for £495000, think I will accept as I cant afford the mortgage for much longer ,I was advised to rent out and ride the storm ? but even then it will only cover the payments am not sure what to do,I am living with family at the moment as the last guy who wanted to buy wanted to exchange and complete on the same day and gave me a deadline to get out ,which I did,then, 3 months later his mortgage still didnt go through and he pulled out
Choccy

pinkshoes

rightmove link??

To sell for £675k, you're looking for someone who has about £85k in the bank (deposit, stamp duty, solicitor etc...), along with a salary of around £175k, as banks only seem to be lending 3.5x salary nowadays.

ChocolateLover_3

Its on now for £599,950
Has been for over 6 months
Will try and get the link up
Choccy

katieowl_2

Well...I've not been on the market a year (dear god - my nerves are frayed after two months...) I was looking at one of those "Sell my house quick" sites on the internet this morning, and they are offering between 75% and 90% of market value...Does anybody have any experience dealing with them? If you are considering such a low offer on your property maybe ie would be worth getting a quote.

I'm hearing plenty of horror stories, about buyers threatening to pull out of the sale days before completion, if you don't drop the selling price...

I need to move before September or I am stuck here for two years (school problems...) I've got six weeks before I need to make an emergency decision. Like you we are having problems meeting the mortgage - in our case because my OH's work has dried up and neither of us can get a job!

We could probably bear the loss of 10% (but not 25%) as the decisions we would have to take to sort thing out could cost us some of that.

Nightmare...the whole thing...I waited for a break in my sons schooling for us to downsize and move out of London, now this credit crunch, and it looks like we are stuck!

Regards.

Kate

puddy

i hope you get some luck, im about to put mine on the market wednesday (the estate agent is coming to take the pics then) and im really hoping im not one of these people who has their property on the market for months, can you try any other estate agents?

lynzpower

A good freind of mine is in E3 and shes been on the market since November with only a 4 viewings, no offers have had to drop dramatically and still nothing.

To be fair I have advised her of all the things she needs to do to make it more marketable and shes not taking my advice

I do think things are tremendously different from a year ago. Last March I was working as an estate agent in SE1/SE11/SW2 and we were going for sealed bids on council flats every day. Mania. I left by April!! . Now when I drive past the agents theres only 3 of the 14 desks occupied. The agents themselves are saying times are hard and they were starting to say that when I worked elsewhere in the property world in August.

I know of another new build development, of 15 flats, been on the market for months not a one sold. Multi agent. Around the 230mark.

Prices in E3 where im most interested are dropping now, definately. They definately seem to have a bit in SE11. Not exactly central but almost.

lynzpower

jenner wrote: »

i hope you get some luck, im about to put mine on the market wednesday (the estate agent is coming to take the pics then) and im really hoping im not one of these people who has their property on the market for months, can you try any other estate agents?

Jenner where abouts are you, have you heard from agents that things are difficult, or are you worried just because of your own feelings about the market?

puddy

in beckenham

for both reasons really, even long before this dip in the market, i have always thought how awful it would be to want to sell and get stuck with a property for months without it selling, i just cant imagine what people do when they've had a property on the market for nearly a year, i cant understand it and dread it happening to me.
im looking to move out of london and have seen loads of flats at the coast i would be interested in viewing but havent even asked to see them yet because mine is not (yet) on the market and i wouldnt be able to put an offer in. i have spent months doing it up, new bathroom, radiators, flooring, decoration, de clutter all that jazz, so its taken time to get it ready to sell, i would have been embarrased to try and sell it in its previous condition!

ChocolateLover_3

I have done everything I can to make the place look its best ,its now empty and looks totally unloved:o ,but at least its "ready to go" ...ha ha ..I have been since last year ,I know when I put it on the market things were just starting to slow down,now ...well it looks like standstill,I have no choice at the moment but to accept the offer
Its literally a 2 minute walk from Hyde Park ,maybe because its a lower ground ? though that didnt put me off when I was buying
Choccy

lynzpower

Am I right in thinking you asked about this before? Isnt it a bijoiu place wth a little patio around Sussex gardens/ bayswatery kind of way? This does ring a bell, if not sorry!

ChocolateLover_3

yes that is the same place !:rolleyes: