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Leasehold flat sales in England stall, buyers back out over price
Leasehold flats are often failing to find a buyer within six months even after price cuts, while one seller says she is considering removing her freehold flat from the market if viewings do not pick up by summer’s end.
Most flats listed for sale in England are leasehold, and figures cited by the Guardian Business suggest the majority do not sell within six months, even after price reductions. The piece describes a growing frustration among owners as negotiations drag and viewings remain limited despite attempts to make properties more attractive to buyers.
Susan Young, who has been trying to sell her two-bed flat in a Devon seaside resort for months, said she has only had four viewings in nine months despite renovations costing between £15,000 and £20,000. She paid £300,000 for the property and currently has it on the market for £280,000, and she said that if there are no viewings by the end of summer she plans to take the flat off the market and relist next year.
The article also profiles another seller, Louisa, who has tried to sell her leasehold flat in London for two and a half years. Her sale fell through a third time after buyers demanded a £10,000 price cut, though she later found a cash buyer and said she will only continue for a few months before considering renting out the unit instead.