Jeepers, I'm surprised that you can't rent it out at that price. A buddy of mine is looking at the moment and is prepared to spend 1600 and is finding it hard to get a good place, although I think he found one, but it's up near Christ Church (so not quite as nice an area) and I think he's paying the full 1600 for it.
Does it have all the bells and whistles? Nice telly, good finish, broadband etc? Have you had viewings by people who've not gone for the property, in which case you could probably sound them out as to why they didn't go for it?
Really, it could just be the time of year - sorry to hear though
Sprite