Recent headlines have been full of news about the UK’s thriving property market, but if you’re selling a flat in the last 12 months you may have had a very different experience.
Issues That Have Impacted Selling a Flat
Lockdown
National lockdowns, as a result of the global pandemic, have made many people assess the space they have at home and created additional demand for outside space. We’ve seen a steep rise in the number of flats coming to market, as greater flexibility to work from home has led to many homeowners looking to move out of cities. The more flats available, the harder it is to secure a sale.
The Cladding Scandal
Any flats with exterior cladding are especially hard to sell at the moment. Industry response to the Grenfell tragedy means that any flat with cladding requires an external wall survey and ESW1 certificate before a mortgage company is prepared to lend on it. With a shortage of assessors able to carry out the surveys, many flat owners have struggled to sell.
If you are keen to secure a quick sale, there are some steps you can take to maximize your chances of selling a flat.
Make it look its best
It sounds simple, but it’s important that you take time to think about how best to present your property. What are your flat’s biggest selling points? How can you accentuate them when people are viewing the property? It’s also important to ensure you give your property a deep clean – nothing puts buyers off more than an untidy or unclean property.
Be strategic with your asking price
If you know there are a number of flats for sale in your area, it’s important that you’re realistic about your asking price. You’re more likely to attract viewings if your property is competitively priced and offers more for the money than the other properties for sale in the same price bracket.
Have all your paperwork in place
The cladding scandal has made many people nervous about buying flats. If you’re looking for a quick sale, it’s important that you have all paperwork relating to the property prepared before you market the property. Addressing any potential issues before they arise will make potential buyers feel confident in their purchase.
Be flexible and regularly reassess your marketing strategy
Flexibility is key when selling a flat. If you don’t attract any offers in the first few weeks, it’s important to review your marketing strategy and consider adjusting your price.