no buyers for flat

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Ayshe

Posts: 131
Joined: 25/8/2005

no buyers for flat

Hi I wonder if anyone knows of any good ideas or has any info that might be useful concerning this problem ...
I have bought an off plan 1 bedroom flat in west yorkshire, which is now finished. The problem is the estate agent now tells me that allthough they are worth ( or should be ) more than I paid for it, there are no buyers in that area because of over supply of new development flats.

Now I dont know whether to hold on too it and try and rent it for the long term, or sell it for what would have too be a big loss, judging from what I have been told as local flats are not even getting viewings.
Any help would be great, thanks Andy

Report Abuse | Date 5/7/2006 9:49:38 PM

Ayshe

Posts: 131
Joined: 25/8/2005

RE: no buyers for flat (in reply to Ayshe)

Its not Leeds is it ??

There are definitely more properties available, and this is having an effect on both rental values and property values.

That said, its common for the rents to start pushing up after property prices have increased. This could be due to the interest rates going up, so people can no longer afford to purchase, and so will rent.

People also tend to hold off from buying whilst they see what is happening in the market (waiting for that crash to come that we've all heard about I suppose).

You have a number of choices
1. put it on the market and hope for the best.
2. Furnish it and rent it and leave it a while
3. Furnish it, rent it and attempt to sell it with a tenant in situ - we've done this a number of times ourselves.

Depending on where the property is, we'd be delighted to take the property on for you - full details at www.thethinktankgroup.co.uk

Whilst there are more properties available and hence competition for tenants, there are a lot of tenants out there at the moment (having just done a day with lots and lots of viewings viewings and having rented out properties today) - although the properties at the higher end seem a little harder to rent, they do rent as long as the price is sensible.

Let me know if you want to speak offline - or have a look at our site - www.thethinktankgroup.co.uk

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Report Abuse | Date 5/7/2006 10:13:22 PM

chrisbell

Posts: 37
Joined: 4/6/2006

RE: no buyers for flat (in reply to Ayshe)

I wonder how many thousands of people are in the same position. I have personally met quite a few. There's going to be a lot of money lost by the off-plan apartment investors.

Lesson for the future... when something looks too good to be true it often is.

And when you see a bandwagon rolling look carefully before you leap aboard.

The amazing thing is that I read some people are still making these off-plan investments not only in the UK but in equally risky places like Bulgarian seaside resorts and Dubai. There are some much safer places to put your money.

Chris Bell

www.homesecurityspotlight.com

Report Abuse | Date 12/8/2006 4:55:28 PM

kiddings

Posts: 5
Joined: 25/8/2006

RE: no buyers for flat (in reply to Ayshe)

make sure you advertise the property widely. there are lots of places on line you can post a free ad. try www.mykeys.co.uk

Report Abuse | Date 25/8/2006 7:27:12 PM

delsee

Posts: 5
Joined: 3/10/2006

RE: no buyers for flat (in reply to Ayshe)

The problem lies with too much supply in major cities... I think only Newcastle has been spared.

Report Abuse | Date 3/10/2006 12:51:23 PM

kevinmorley

Posts: 6
Joined: 12/9/2007

RE: no buyers for flat (in reply to Ayshe)

Hi there I represent quickmovenow.com who are the largest independent provider of home sale solutions in the UK. They understand the problems that can crop up when trying to sell your home.

What they do is simple – they help people who need a fast and easy house sale with the certainty that only a professional homebuyer can provide.

What's the catch? There isn't one. They pay up to 90% of the appraised value of your home based on the opinions of 3 independent local Estate Agents. There are no charges to obtain an offer on your home, and we can even pay up to £500 towards your solicitor's fees.

Get your free estimate and start moving on! Good luck.

< Message edited by Admin -- 8/2/2008 12:55:37 PM >

Report Abuse | Date 12/9/2007 3:32:15 PM

hpp

Posts: 1
Joined: 30/1/2008

RE: no buyers for flat (in reply to Ayshe)

Hi Ayshe,

I'm not quite sure if you've done already but I think a good idea is to not rely so much on your local estate agency to expose your flat.
Advertise it on a property directory like rightmove.co.uk (the most popular I can think of). That would give your property a bit more exposure.

Good luck,

H

< Message edited by Admin -- 8/2/2008 12:55:25 PM >

Report Abuse | Date 7/2/2008 4:17:44 PM

atlantic

Posts: 6
Joined: 13/2/2008

RE: no buyers for flat (in reply to Ayshe)

i have thought of doing the same in Bristol, but as i am not a property developer i am very wary about spending all my money in a new development, i suppose if you have just bought one, you have got to try and rent it , as if you try and sell in todays market you may lose money, i suppose it just depends on your financail position

Report Abuse | Date 14/2/2008 10:27:52 AM

jimc

Posts: 11
Joined: 6/8/2007

RE: no buyers for flat (in reply to Ayshe)

"The problem is the estate agent now tells me that allthough they are worth ( or should be ) more than I paid for it, there are no buyers in that area "

What an absolute classic! Estate Agents will always say exactly that especially if they sold it to you at an inflated valuation in the first place. The 'worth' of a property is what it will attract buyers and sell for! The Agent just doesn't want to tell you outright that it's unfortunately overpriced for your local market for whatever reason. There is no such thing as an unsaleable property (especially newly-built), just one that buyers aren't prepared to spend that sort of money for.

If you really want/need to sell, you need to be brutally honest with yourself. Go to another Agent and ask for their genuine valuation. DON'T tell them either your old agent's valuation or your hoped sale price. They'll only quote a higher figure to get the instruction and then advise you to drop the price in a few months. Your current agent is probably not telling you exactly the same thing because they want to hide the fact it was overpriced when they sold it to you.

Be careful if it does come out close to the current sale price! Some agents are known to do a little research by looking in other agent's windows! You already know it's not selling at that price so they're playing tricks.

Price it to sell and it will sell (if that's what you want.) If you lower the price to the market value in the area it will sell. Of course you may not want to sell it at that price but the decision is at least based on a reasonable view of facts and not an agent's 'opinion'.

Report Abuse | Date 19/2/2008 2:39:11 PM

andrews.taylors@gmail.com

Posts: 2
Joined: 19/3/2008

RE: no buyers for flat (in reply to Ayshe)

You can contact Cash Property Buyers who are always ready to buy property. If you want to one of the best Cash buyer than visit http://www.sellhousefastcash.co.uk/

Report Abuse | Date 31/3/2008 6:45:43 AM