UK Landlord Forum / Life

Hi there
My 2 bed flat in Brixton, London has been empty since the summer (I know, desperate times). I've had no problems letting it out before though its never been the most popular flat in the area, but in the last few months there have been two offers and they both fell through. The agent says there are lots of viewings, but no one is taking it.

Since covid hit the agent tells me the bottom has fallen out of the young professional flat share market, and I guess why would you want to move to London Zone 2 if you could work from home elsewhere.

https://www.rightmove.co.uk/properties/84243451#/

Any thoughts appreciated. Would it be better to
Let it unfurnished?
Reduce the price further?
Rent to a housing association or through the council?

Thanks!

Initial thoughts about your advert:

1. Add a clear floorplan, ideally shaded like the example attached. It helps people understand the layout of the flat and the size of the rooms, without having to try to guess this from the photographs.

2. Your words "Please note photos were taken prior to the current tenancy." may ring alarm bells, or at least cause people to think that the flat is in a worse condition than shown. Is it? Or is it just that there is different furniture? Up to date photos may help.

3. The Key Feature "Leasehold covenants may apply" may ring alarm bells for people. They will wonder what these covenants are and under what circumstances will they apply? If they really are significant, you should make clear what they are.

4. Is the Key Feature "On street residents permit parking available on application (TBC)" really still TBC? You have had this flat up for rent for months, so surely you should have found out by now and fixed the advert.

These 4 points may seem trivial but they may discourage some people from bothering to enquire further about the property.

5. You say "The agent says there are lots of viewings, but no one is taking it".  What are the reasons that they are not taking it? If you have a decent agent, they should be asking this of the viewers and advising how to adjust your advert accordingly.

6. Regarding the price, have you (and the agent) done your homework? How are similar flats in the area priced? How long are they taking to let?

7. I'd suggest that you reduce the price anyway to get rid of the 'Reduced on 22/10/2020' date. It's obvious to people viewing your advert that the flat has been hanging around for a long time and suggests that there must be something wrong with it.

Can you not advise prospective interested parties that they could, instead, commit a serious crime and get better similar accommodation at Her Majesty's Pleasure? That said, the outside of the building did remind me of a prison. London is a funny place, right?

If the bottom has truly fallen out of the professional sharing market, then you're gonna have to look elsewhere and maybe price accordingly. I suppose there's a lot of uncertainty in this space. That said, up here in the Shires I have not found the current climate causes a lack of interest in properties... so that could be particular to London too. I too jumped on the "Leasehold covenants may apply" - what on Earth does that even mean? It sounds like a trap to me! What are you trying to pull?

Likewise, obtain clarity on the parking situation... "TBC" makes you sound like an amateur. It either has parking or it doesn't, right? Isn't the parking assigned to the property, not the person? I am unsure, of course. But you'd hope so. Maybe you need a reg. before you can apply, I dunno... but make it sound like it's not quite so unsure.

Likewise, pictures taken prior to current tenancy... again, I mean, really... who wrote this? The Agent? What do they know that we will find out when we turn-up to view? A burned-out shell? Is that necessary to write here? How is it different? Is it marginal? Is there no furniture left now? Is it all fire damaged?

My most simplistic premise is this... while it is empty is not only not making you any money, it is also costing you money. The double-whammy. Even letting it out for £100 per month is better for you than £0 per month and the associated upkeep costs you are currently experiencing. Get pragmatic. Get it let. Move on to more interesting stuff in the new world. Consider completely resetting the advert so people can't see how long it's been hanging around. The price doesn't seem stupid... other 1 bedroom apartments are going for the same kind of money (well, listed)... they look much nicer tho', I'd say.

Good luck.

Quote from: Londonlandlord on January 02, 2021, 08:51:05 PM
Hi there
My 2 bed flat in Brixton, London has been empty since the summer
[...]
https://www.rightmove.co.uk/properties/84243451#/

Any thoughts appreciated.
[...]
Thanks!

@Londonlandlord I see that your flat advert on Rightmove is now marked as 'Let Agreed'.

Congratulations!

And it seems that you didn't need to follow any of the suggestions from me or from @Hippogriff.


Please do let us know how you managed to rent it out after it was empty for so long.



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