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Solution needed, advice appreciated.

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  • Solution needed, advice appreciated.

    My son bought his studio flat 3 years ago when he was in his early twenties and single. He has put it on the market now for £74,500 because he has a fiancee and little baby, but it isn't attracting any interest.
    It is getting difficult for them not having enough space so he has also put it on the rental market in order to be able to find somewhere bigger.
    Are there any housing developers out there who would take his flat in part exchange for a new house? He spoke to one developer who said that the way it works for them would be to try to sell his flat dropping the price considerably each month until it sold. There seemed to be too many risks with this method and I wondered if there was another kind of solution?

  • #2
    Re: Solution needed, advice appreciated.

    If it's not selling, then the chances are it's considered over-priced in current market conditions, I'm sorry to say.

    As you mentioned, developers will take a part-exchange - but they will look to discount the price regardless.

    So either way, it's a pricing issue - would be worth considering dropping it down to around £69,995 at the estate agents, to get underneath the mental £70k barrier.