Flats aren’t becoming unsellable for one single reason. Higher borrowing costs, service charges, leasehold and shared ownership complications have made them more expensive and complicated to own, damaging their reputation.
James Schaife, 36, says he and his partner are “on the verge of bankruptcy” after struggling to sell their one-bedroom north London flat for the past four years.
He bought a 35% share of the £585,000 flat – run by Newlon Housing Trust – in 2017, but after his partner got a new job, James moved out of London in 2022 and relocated north, putting the flat on the market.
Within an initial “nomination period” – a set window of time where the association has the exclusive right to find an eligible buyer – the flat generated next to no interest.
The housing association gave them permission to sell it on the open market – but James claims they have been “forced to use a narrow selection of valuers chosen by Newlon”, despite estate agents telling him the flat has been overvalued.
They have been forced to rent out the property with a special “consent-to-let” agreement with their housing association – although this is due to expire imminently and James claims Newlon will not renew it.
James said the situation has affected their plans to start a family, pushing them back to an age “where it’s probably unlikely that we’ll have children”.
“It’s just ruined our lives.”
A spokesperson for Newlon Housing Trust said that “this is not a picture we recognise”, adding that they were bound by “strict rules about resales to protect the public purse”.
The spokesperson said that “strict rules to limit subletting… prevent the risk of people profiting by letting subsidised affordable housing”.
“As is well reported, the sales market is flat. The saleability of a home at any time is subject to variation in the property market, which we have no control over, and is part of the risk taken on by anyone who buys a home.”